India’s Chromeni Steels starts construction of integrated stainless steel mill

Wednesday, 17 February 2021 12:12:54 (GMT+3)   |   Kolkata
       

India’s Chromeni Steels Private Limited is setting up the country’s largest integrated stainless steel mill at Mundra in the western state of Gujarat, a company official said on Wednesday, February 17.

The official said that in the first phase Chromeni will construct a cold rolled product manufacturing plant with a capacity of 700,000 mt per year and will ramp it up to 1 million mt in the second phase.

The company will also build a hot rolled coil (HRC) mill with a capacity of 4 million mt per year by 2025, the official said.

The groundbreaking to start construction of the project was initiated last month, he added.

Meanwhile, Chromeni has welcomed the government’s announcement of suspending antidumping duty (ADD) and countervailing duties (CVD) on flat rolled products of stainless steel originating from seven countries.

“The recently announced decision in the national budget is unprecedented. The suspension of ADD and CVD will benefit thousands of small, medium and micro enterprises which have been suffering for several months due to rampant price increases and irregular supplies. Revoking ADD and CVD will ensure a level playing field for both producers and end-users,” Pratik Shah, director of Chromeni, said.

“Suspension of ADD and CVD on imports will bring more balance in the market as stainless steel prices have been going up artificially by as much as 40 percent over the past 6-8 months, and will go a long way in protecting downstream units against the vagaries of the market,” he added.


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