Steel Exchange India Ltd, an Andhra Pradesh based company, today said, it has received a conversion order from Rashtriya Ispat Nigam Ltd (RINL) to roll out TMT bars from billets.
“The quantity to be converted will be 10,000 MT per month. The contract shall be effective for the period of one year and would be extendable by one more year on mutual consent”, it said in a statement.
The company, however, did not disclose the value of the contract.
“We are happy to bag the conversion orders from RINL. We promise to strive hard and perform according to the best of standards. We are grateful that RINL has chosen us to roll out TMT bars and we are confident of fulfilling their requirements and help to maintain their trust on us”, company's Managing Director B Satish Kumar said.
According to the company, the conversion charges shall be paid per ton of converted products including transportation and are fixed throughout the period of contract.
The production of TMT bars will be carried out at company's rolling mill in Vizianagaram District of Andhra Pradesh.
Steel Exchange India is engaged in several businesses related to iron and steel sector and is based in Andhra Pradesh. This includes a steel rolling unit of 2.25 lakh tons per annum (LTPA), a 2.20 LTPA sponge iron unit and 2.40 LTPA billet unit. It also has the capacity to produce 90,000 tons per annum steel ingots.
Source PTI
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