The Beekay Steel Industries Limited here on Sunday announced the launch of its product, the Beekay turbo TMT steel bar, manufactured at its Parawada plant in Visakhapatnam district.
At a function here on Sunday, Mukesh Bansal, the Managing Director, and Vikas Bansal, the Executive Director, said the group had set up seven structural steel plants in and around Visakhapatnam district, sourcing the raw material (steel billets and blooms) from the Rashtriya Ispat Nigam Limited – Visakhapatnam steel plant.
They said the mill at Bonangi village in Parawada mandal, with a manufacturing capacity of 2.5 lakh tonnes turbo TMT steel bars per annum, was in fact commissioned a year ago but it was being formally announced on Sunday and the product was being released into the market. The capacity of the other six plants in the district amounted to roughly 5 lakh tonnes per annum.
The group had also set up steel mills in Kolkata, Chennai, and Jamshedpur and the turnover amounted to Rs. 800 crores per annum.
In response to a question, they said the group had spent roughly Rs. 80 crores on setting up the Parawada plant.
The market position had improved after the NDA Government had announced the minimum import price for steel products from February, making imports from China that much costlier and enabling the domestic units in the secondary sector to compete effectively.