Kolkata, May 4 (PTI) Tata Steel will achieve its target to double its capacity to produce 40 million tonne steel by 2030 and will install its Electric Arc Furnaces (EAF) in north, south and west India that will use scrap as an environmentally friendly step, a top company official said.
Electric Arc Furnaces use recycled steel or steel scrap and the company will install its first facility in Punjab.
The company official said the EAFs will have rolling mills to make TMT bars but these will be executed through partners.
Tata Steel’s new 0.5 million tonne steel recycling plant at Rohtak will feed the EAF units to convert into billets and then to construction steel.
Tata Steel CEO and managing director T V Narendran said the acquisition of Neelachal Ispat Nigam Ltd, which is close to its Kalinganagar facility in Odisha, will give the company access to 6000 acres. The company now has the option to build a complex of upto 25 million tonne capacity at the site at Kalinganagar.
Tata Steel will complete the acquisition of Neelachal Ispat Nigam Limited (NINL) by the end of the current quarter.
The acquisition of NINL is critical for Tata Steel to build a dedicated complex for long products, Narendran said.
On January 31, Tata Steel announced winning the bid for acquiring 93.71 per cent stake in NINL for Rs 12,100 crore. PTI BSM KK KK KK
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.