SMM7, March 31 / PRNewswire-FirstCall-Asianet /-- AMNS India's (AMNSIndia) said Thursday that its crude steel production fell 30% to 1.2 million tons in the second quarter of this year, compared with 1.7 million tons in the quarter ended March.
AMNS India's profit before interest, tax and depreciation fell about 23 percent to 8 billion rupees ($107 million) in the second quarter of 2020, compared with 10.36 billion rupees in the first quarter.
Huge losses from global operations shipments and sales of the company's global operations, particularly in Brazil and Europe, fell between April and June as the epidemic peaked, leading to tighter restrictions and blockades.
"due to the negative impact of price costs on the steel industry, as well as the loss of profit margins due to reduced steel shipments, as well as lower market-priced iron ore shipments, mining performance is weak due to lower iron ore quality premiums and lower coal prices," the company said in a statement.
ArcelorMittal continues to focus on cost reduction measures to protect profitability in the context of changing demand. Looking ahead, with the recovery of economic activity, the company will respond by increasing production, resulting in a certain fixed cost return. But this will be in line with higher production, so fixed costs per tonne are not expected to increase.
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