Nippon Steel’s India JV sees record 7.23 mil. tons of crude steel output in FY2019-20
NEW DELHI, NNA – Japanese steel giant Nippon Steel Corp.’s Indian joint venture saw a record 7.23 million tons of crude steel output in the latest financial year after completing its takeover of a major local peer last December.
ArcelorMittal Nippon Steel India Pvt. Ltd. (AMNS India), the local venture with ArcelorMittal S.A., the world’s largest steelmaker, achieved a 5 percent growth in output in the year to March 2020, driven by its efforts to improve blast furnace productivity, it said in a statement last Thursday.
Pellet production reached 11.63 million tons in the same year, up 9.4% from a year earlier, the statement said.
The Indian steel producer, which was renamed from Essar Steel India Ltd. following the 500 billion rupee ($6.6 billion) buyout, said in a statement that currently “constraints on the movement of people, logistics and downstream industries forced a significant cut in production” due to the ongoing nationwide lockdown from March 25 to combat the coronavirus outbreak.
The entire steel industry, including AMNS India, has been impacted by weakening demand from large steel-consuming sectors such as automotive and construction, it added.