Indian steel maker Godawari power and Ispat’s (GPIL) is increasing its existing steel billet capacity from 400,000mt to 700,000 mt by the end of current fiscal year (Apr-Mar) 2021-22 as per recent conference call.
Meanwhile the company is also increasing the sponge iron capacity from 500,000mt to 600,000mt in the same year and will be fully consumed in the steel billet production. It also means, company which used to sell sponge iron in the market will not be sell going forward. Also, the remaining material which will be required for producing billet will be in the form scrap by around 10-15pc.
Company is active exporting billet and wire rod to these countries such as Africa, Philippines, Indonesia, Sri Lanka and Thailand owing to better realizations and demand impacted in domestic market due to sudden hike in COVID-19 cases in the second wave in April and May 2021.