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Wednesday, Jun 22, 2005

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Uttam Steel plans to double capacity

Our Bureau

Mumbai , June 21

GALVANISED steel exporter Uttam Galva Steel Ltd (UGSL) is doubling its production capacity to 10 lakh tonnes of cold rolled and 7.5 lakh tonnes of galvanised steel by 2006, according to a press release.

Currently, the company exports 70 per cent of its production. In 2004-05, Uttam exported about 4 lakh tonnes of steel worth over Rs 1,400 crore to countries such as the US, China, Japan, Canada and Europe said the release.

The board of the company has sanctioned various finance options worth about Rs 260 crore to cover its expansion costs including external commercial borrowings, foreign convertible currency bonds, American depository receipts or global depository receipts, the release added.

"The company is poised for a major growth this fiscal, and it is our endeavour to become the largest processor in the steel industry," said Mr Ankit Miglani, Director, UGSL.

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