Ispat Industries to expand capacity by two-fold

Ispat Industries to expand capacity by two-fold

According to recent news in the market, Indian steel producer Ispat Industries is planning to increase its annual production capacity by around two-fold. The capacity will be increased from the current 2.4 million tons to around 5 million tons within three years. The company is currently working on a project that will increase its finished steel capacity to 3 million tons. The project worth Rupees 8.9 billion ($203 million) is expected to be completed by the end of March. The capacity will be increased to 3.6 million tons later. Moreover, the company will install an electric arc furnace (EAF) for capacity expansion. With the completion of the EAF, the annual capacity will reach 5 million tons.