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Salem Steel Plant targets U.S., European markets

It plans to export 84,000 tonnes of stainless steel this year

SALEM: The Salem Steel Plant (SSP) has achieved a 25 per cent growth in the total sale of steel in the financial year ended in March 2007, when compared to the 2005-06 statistics, its Executive Director P. M. Balasubramanian has said.

Addressing a press conference here recently, he said, "The plant has made a turnaround during the last fiscal by registering highest annual steel sales and production." The total sale of steel stood at 1,99,544 tonnes, which comprised 68,675 tonnes of stainless steel and 1,30,869 tonnes of carbon steel. The plant had produced 1,83,260 tonnes of saleable steel, which was seven per cent higher than the 2005-06 production of 1.71 lakh tonnes.

Mr. Balasubramanian said that the production of stainless steel had gone up by 43 per cent and the sales by 60 per cent. The SSP exported 27,996 tonnes of stainless steel, which was 138 per cent increase when compared to 2005-06.

He said that the plant had set a production and sales target of 1.40 lakh tonnes of stainless steel and 1.80 lakh tonnes of carbon steel for 2007-08. Of this, it had planned to export 84,000 tonnes of stainless steel this year. "We have planned to focus more on the United States and European markets to achieve the target," he said.

Mr. Balasubramanian said that the Rs. 1,553-crore expansion-cum-backward integration plan was likely to be completed by the end of 2009. The plan included the establishment of new steel melting shop and continuous casting facility to produce 1.80 lakh tonnes of stainless steel slabs per annum and augmentation of the capacity of existing cold rolling mills to 1.46 lakh tonnes. Once implemented, it would increase the market competitiveness and profitability of the SSP, he said.

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