AM/NS India has recorded a nearly three-fold jump in underlying profitability during the January-March quarter. The company recorded USD 403 million EBIDTA in the first quarter of 2021 compared with USD 140 million in the same period of 2020, translating into a 188% jump. EBIDTA is up by 47% quarter on quarter basis, growing from USD 274 million recorded in the last quarter of 2020. AM/NS India CEO Mr Dilip Oommen said “Our business continues to grow strongly with demand generated from domestic and export markets. The steel industry in India remains attractive and increasing demand is giving the industry the required fillip.”

AM/NS India produced 1.8 million crude steel in January-March 2021 quarter to take the crude steel production in 2020-21 to 6.7 million tonnes

Q1 - 1.2 million tonnes

Q2 - 1.8 million tonnes

Q3 - 1.9 million tonnes

Q4 - 1.8 million tonnes

AM/NS India continues to develop its plans for future growth, in both steel production as well as iron ore mining. The near-term plans involve debottleneck existing operations in steel shop & rolling parts to achieve 8.6 million tonnes capacity. Medium term the plan is to grow capacity at the Hazira complex to 14 million tonnes. These growth plans are expected to be funded by the joint venture, utilizing the cash the business is generating as well as its balance sheet capacity

Furthermore, AM/NS India is developing its longer term opportunities for growth and has signed an MOU with government of Odisha to explore options for 12 million tonnes per annum capacity greenfield integrated steel plant in the Kendrapara district. The Company has initiated, in coordination with the Government of Odisha: a feasibility study, securing relevant permissions, land acquisition, develop logistics infrastructure and other enabling conditions to plan for the project construction.

The newly acquired Thakurani mines is now operating at full 5.5 million tonnes per annum capacity during 1Q 2021, while the second Odisha pellet plant is expected to be completed in 2Q 2021, adding 6 million tonnes per annum for a total 20 million tonnes per annum of pellet capacity.

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