India: Essar Steel Records 10% Growth in Crude Steel Output
SteelMint learned from market sources that Essar Steel having the steel making capacity of 10 MnT has witnessed the growth of 10% in its crude steel output in FY19.
Company produced 6.8 MnT of crude steel in FY’19 against 6.18 MnT in previous fiscal which is all time high as compared to previous fiscal years.
In FY18 company’s crude steel stood at 6.18 MnT and 5.47 MnT in FY17.
Thus the company achieves around 80% capacity utilisation in downstream products like galavanizing coils, colour coated coils and pipes.
However Company is under insolvency resolution which started in Aug’17.
As per Arcelor Mittal resolution plan for Essar Steel is to ramp up the finished steel capacity to 8.5 MnT by 2024. Also to increase finished steel shipments through addition of new iron and steel making assets.
source: SteelMint
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