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Ispat looking to expand capacity to 3.6 m tonne
Kolkata, Sept 28: The Pramod and A V Mittal promoted Ispat Industries Limited is looking for opportunity to expand its capacity of flat products to 3.6 million tonne and has no plan to enter the long segment.
Kolkata, Sept 28: The Pramod and A V Mittal promoted Ispat Industries Limited is looking for opportunity to expand its capacity of flat products to 3.6 million tonne and has no plan to enter the long segment.
The company expects to double its total turnover from Rs
3415.48 crore recorded in 2002-03 and is set to produce a
total of 2.0 m tonne of hot rolled coils during the current
fiscal.
"We sold about one million tonne of steel last fiscal. This fiscal we are gunning for 2.0 m tonne and expect our turnover to double proportionally," chairman and managing director of Ispat Industries Pramod Mittal told reporters here.
Mittal said export earning was also expected to jump to Rs 1300 crore with 700,000 tonne of steel targetted this fiscal from Rs 800 crore realised from export of 480,000 tonne last year.
To a query, Mittal said, "We don't have any plan to enter into long products, but given the opportunity, we would like to expand our capacity of flat products to 3.6 million tonne,"
Ispat had started with an installed capacity of 1.5 m tonne, which had been increased to 2.4 m tonne and the company working to increase it to 3.0 m tonne by March, 2004.
The CMD said there would be more of value added products, which currently accounted for 30 per cent of total production, in order to increase the domestic market share from 11 per cent last year to 14 per cent.
"We sold about one million tonne of steel last fiscal. This fiscal we are gunning for 2.0 m tonne and expect our turnover to double proportionally," chairman and managing director of Ispat Industries Pramod Mittal told reporters here.
Mittal said export earning was also expected to jump to Rs 1300 crore with 700,000 tonne of steel targetted this fiscal from Rs 800 crore realised from export of 480,000 tonne last year.
To a query, Mittal said, "We don't have any plan to enter into long products, but given the opportunity, we would like to expand our capacity of flat products to 3.6 million tonne,"
Ispat had started with an installed capacity of 1.5 m tonne, which had been increased to 2.4 m tonne and the company working to increase it to 3.0 m tonne by March, 2004.
The CMD said there would be more of value added products, which currently accounted for 30 per cent of total production, in order to increase the domestic market share from 11 per cent last year to 14 per cent.
Bureau Report