1007 GMT - ArcelorMittal appears poised to reap gains from its Indian operations, Citi analysts say in a research note. India is responsible for more than half of the global steel demand growth since the pandemic, a trend that will continue for the next decades, the analysts say. The country by 2030 could contribute more than 30% of the Luxembourg-based steel group's Ebitda, compared to around 6% currently, Citi says. Capacity increases should result in Ebitda at AM/NS, ArcelorMittal's Indian joint venture with Nippon Steel, exceeding $10 billion by 2040 from $1.1 billion this year, Citi estimates. As capacity expands, AM/NS should generate enough cash for growth to be nearly self funded from 2026, Citi says. ArcelorMittal shares trade 0.85% higher to 23.71 euros. (pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
November 15, 2024 05:07 ET (10:07 GMT)
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