Essar Steel has set a target of 7.43 million tonnes crude steel production in FY20 — a whisker away from the medium-term target that ArcelorMittal had envisaged in its bid for acquiring the debt-laden company.
For the first two months of the current financial year, the crude steel production of Essar Steel has grown 11 per cent to 1.25 million tonnes, compared to 1.1 million tonnes in the corresponding period last year.
The firm — currently undergoing insolvency - registered a revenue growth of 8.5 per cent at Rs 5,545 crore as against Rs 5,106 crore in the same period last year. In the same period, its Ebitda grew by 17 per cent to around Rs 770 crore from Rs 660 crore.
“The radical improvement in performance is a result of the concerted effort of the team. The performance when seen in the light of subdued demand and sedate steel prices is satisfying,” said Dilip Oommen, managing director, Essar Steel.