ARS Steel expects higher turnover after expansion in Gummidipoondi
ARS Steel expects a higher turnover in the current financial year with the capacity expansion in its Gummidipoondi plant.
CHENNAI: ARS Steel expects a higher turnover in the current financial year with the capacity expansion in its Gummidipoondi plant. It aims to expand the production capacity of steel melting from 1.4 lakh tonnes to 2.8 lakh tonnes per annum and TMT from 1.8 lakh tonnes to 2.5 lakh tonnes per annum, with a capital expenditure of Rs 100 crore. The work has been completed and regulatory approval is awaited.
With this, the steel maker expects the turnover to touch Rs 1,100 crore in the 2023-24 fiscal and Rs 1500 crore in 2024-25, up from Rs 900 crore last year, Ashwani Kumar Bhatia, founder and managing director of ARS Steels said.
The company has set an ambitious target of achieving carbon neutrality by 2024, with already 96% of its input is from recycled steel, mostly from automobile scrap. “We can extract 99% of steel with scrap, which is much higher than the industry average,” he said.
ARS Steel has launched an awareness campaign on steel quality called ‘Know the truth’. It plans to deploy 12 mobile tech labs equipped with spectrometers to test the quality of steel bars.