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Mesco expanding to produce value added steel as pig iron is unviable-The 18th China(Guangzhou ) Int’l Casting product Exhibition
8/23/2016 铸件展-铸件展会-casting expo |
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Business Standard reported that Mideast Integrated Steel Ltd has reaffirmed its commitment to expand steel output at its facility at Kalinganagar in Odisha. The company said it had placed major orders for expansion and was awaiting environment clearance for the planned ramp-up in production. Mesco Steel is shifting focus from pig iron to value-added steel products as pig iron business had turned unviable.
It said “As announced earlier, we are on our way to expansion. Major orders have been placed for expansion, and designing of the plant is underway, targeted to full capacity production by the end of 2017. We are also awaiting environmental clearance for the same. Currently, Mesco produces pig iron which is not viable even though we have been running this plant for past 12 years. Therefore there is a need for producing value added products for which expansion is required. It does not make sense to lose earned money in producing a product which incurs losses.”
Earlier, Mesco Steel had announced to expand its nameplate capacity in steel making from 1 million tonne per annum to 3.5 million tonne per annum. The expansion is estimated to cost around INR 12,000 crore. The expansion plan includes revamp of Maithan Ispat, an ailing steel company which it acquired in March 2015.
-The 18th China(Guangzhou ) Int’l Casting
product Exhibition
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