JSW ISPAT Steel Ltd Merged Company Summary

JSW ISPAT Steel Ltd Merged Summary

Ispat Industries Limited (IIL) is one of the leading integrated steel makers and the largest private sector producer of hot rolled coils in India. Incorporated in the year 1984 by founding chairman M. L. Mittal, A corporate powerhouse with operations in iron, steel, mining, energy and infrastructure. The companys core competency is the production of high quality steel, for which it employs cutting edge technologies and stringent quality standards. It produces world-class sponge iron, galvanised sheets and cold rolled coils, in addition to hot rolled coils, through its two state-of-the art integrated steel plants, located at Dolvi and Kalmeshwar in the state of Maharashtra. To better provide steel solutions to an increasingly sophisticated marketplace, IIL had sets up a highly advanced cold rolling reversing mill during the year 1988, in collaboration with Hitachi of Japan, to manufacture a wide range of cold rolled carbon steel strips. In the same year, the company installed a colour coating line, the first of its kind in India for the manufacture of pre-painted colour steel sheets. During the year 1994, Business interests within the Ispat Group are demarcated. The eldest son, Mr. L N Mittal continues to manage the international operations while Mr. Pramod Mittal and Mr. Vinod Mittal, the younger brothers focused on steel and other businesses in India. In the identical year 1994, it commissioned the worlds largest gas-based single mega module plant for manufacturing direct reduced iron (sponge iron), at its Maharashtra-based Dolvi plant. Within three months, the plant exceeds its capacity of 1 million tonnes per annum (MTPA) of high quality DRI. The company came out with a Euro-issue of 125-mln fully convertible bonds in 1994 to part-finance the expansion of its hot strip mill (HSM) capacity to 2.50 lac TPA. During the year 1995, A 1.5 MTPA hot strip mill with Continuous Strip Processing (CSP) technology was installed at Dolvi. A mechanised multi-functional jetty situated close to the plant facilitates the automation of raw material handling. A world-class integrated steel plant for the production of hot rolled coils was launched in the year 1998, armed with cutting edge technologies, such as the Conarc Process for steel making and the Compact Strip Process, both introduced for the first time in Asia. The year 2000 was new millennium to the company, witnessed to the erection and commissioned a 2 MTPA blast furnace at the Dolvi steel complex in record time. During the year 2003, the companys Blast Furnace was commissioned and the Sponge iron capacity was increased from 1.2 mtpa to 1.4 mtpa. The Hot rolled coil steel-making capacity increased from 1.5 mtpa to 2.4 mtpa in the year 2004 and also the Sponge iron capacity increased from 1.4 mtpa to 1.6 mtpa in during the same period. Ispat Metallics India Ltd (IMIL) was merged with IIL with effect from 1st April of the year 2004 in the ratio of 1:1. Oxygen Plant of the company with daily capacity of 1260 Tons has been commissioned in December 2005. Plant Operations have since stabilized, consequently, no dependence on external sources for oxygen supply and also Sinter Plant of the annual capacity of 2.24 Million Tons per annum has been commissioned in December of the year 2005. The Company received the Golden Peacock Environment Management Award, 2006, awarded by Institute of Directors. During the year 2006-07, The Company entered into the separate Memoranda of Understanding with the respective State Governments, such as Government of Maharashtra for expansion in steel-making capacity at Dolvi Steel Complex to 5 Million Tons annually and with Government of Chattisgarh for setting-up a coal-based power plant of the capacity of 1200 MW. In January of the year 2007, the company signed a memorandum of understanding (MoU) with the Jharkhand government for setting up an initial production of 2.8 million tonne, to be scaled up to five million tonne in phases. The cost of the integrated steel plant, which would come up at Manoharpur in West Singhbhum district, was estimated to be Rs 6,750 crore. Ispat Industries has decided to offload around 25% stake in its wholly owned subsidiary, Ispat Energy, to private equity funds to raise around Rs 800 crore during January of the year 2008. The Company aims to consolidate its market leadership in the national specialty steel market by capitalising on the proximity of its manufacturing facilities to major consumers of flat steel products in Maharashtra, while increasing its presence in international markets by using its convenient port location. In the short span of time since its inception, Ispat Industries has steadily raised the bar - in terms of its relentless pursuit of technological advancement, unwavering focus on innovation, strident emphasis on quality products and its constant initiatives aimed at ensuring customer satisfaction.