Usha Martin to increase sp steel capacity to 1 mn ton

New Delhi, June 21 (UNI) Usha Martin today announced that it will increase the speciality steel production capacity to a million ton, which will cost Rs 12,000 million.

The cost will be funded through a combination of Debt Equity and internal accruals.

An official statement released here stated that the company will emphasise on the production of increased share of value added products including wire, wire rope, cord, bright bar, speciality wire and auto components.

The company has also commenced its iron ore mining operations in Jharkhand which are getting fully integrated with its steel making, the statement added.

Usha Martin is targetting to become speciality steel and value added steel product company in the global market in scale and cost competitiveness.

Earlier, Board of Directors approved a plan of Rs 4,620 million for capacity expansion to 0.5 million ton, which is now a part of this capacity expansion plan of a million ton.

The Board of Directors in its meeting held today, has approved to tie up Rs 2,000 million through GDR and promoters warrants to raise funds for the projects.

Usha Martin is engaged in manufacturing facilities at Ranchi, Jamshedpur, Hoshiarpur, the UK, Thailand and UAE and also in distribution, service and marketing network across the US, the UK, Europe, Africa and West Asia.

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