An integrated alloy and stainless-steel producer in Maharashtra, Mukand ltd, has announced to expand its annual stainless-steel production by 50,000mt. The company is likely to raise its production and sales of stainless steel at the Thane facility from the present annual capacity of 100,000mt to 150,000mt.
Expansion at the Thane facility is possible as some of the capacity for alloy steel rolling operations are being transferred to the Hospet plant. The company has newly commissioned a bar and wire rod mill at the MSSSL Hospet plant in Karnantaka, opening up the possibility of expansion of stainless steel production at the Thane facility.
As there is no significant capital expenditure involved in this expansion the company aims to increase its turnover to Rs7bn or ($0.94mn) per annum.
Once COVID-19 cases come under control and peak monsoon season subsides, demand is expected to improve in India.
The production and sales of specialised stainless steel long products at the Thane plant were affected due to the diversion of oxygen for medical purposes for almost six weeks.
Mukand has a steel making and rolling capacity of 500,000mt per year.
($1=Rs74.3)