India’s Vardhman Special Steels Limited (VSSL) will invest an estimated $235 million to construct a greenfield steel mill in the northern state of Punjab, a company statement said on Tuesday, April 29.
The planned capacity of the plant is 500,000 mt of billet with matching rolling mill and testing facilities, the statement said.
The strategic goal of VSSL is to address anticipated capacity shortages post-2028, meet evolving original equipment manufacturing (OEM) quality standards, align with green steel and circular economy trends, and expand into new product segments such as wire rods, forgings, and non-automotive applications, it added.
“This expansion will enhance our ability to meet future demand, achieve better cost efficiencies, and align with global sustainability trends,” VSSL vice chairman and managing director Sachit Jain said.