Bhushan Steel increases revenue by 51%

Bhushan Steel increases revenue by 51%

According to recent market reports, Indian galvanized steel producer Bhushan Steel & Strips Ltd. is planning to expand its production to increase revenues by 51% to $417 million in this fiscal year. Company announced $277 million revenue for last fiscal year ended in March 2003. Company officials stated that the revenue target is in relation with higher galvanized steel production at new plant in Khopoli near Mumbai. The new plant has an annual capacity of 420'000 mts of galvanized and high value added steel products. Bhushan has also a steel plant in Sahibabad near New Delhi, with an annual capacity of 1 million tons. Company is India's third largest galvanized steelmaker after Steel Authority of India Ltd (SAIL) and Tata Iron & Steel Co. Ltd (TISCO).