SAIL obtains management control of SCL

Steel Authority of India Ltd (SAIL) has formally acquired 50 percent of the shares of Steel Complex Ltd (SCL) in Kozhikode held by the Government of Kerala (GoK) and taken over the operations of SCL on 13 February 2011. SAIL-SCL LTD, the joint venture company resulting from the acquisition, will work towards the revival of SCL by setting up a new rolling mill of 65,000 tonnes per annum capacity for producing high-grade (Fe 500 & above) TMT bars at an estimated investment of Rs.45 crore. SAIL-SCL Ltd presently has the capacity to produce 55,000 tonnes of liquid steel per annum through the electric arc furnace route and 50,000 tonnes of concast billets per year. The JV aims to tackle issues such as shortage of working capital and non-availability of good quality scrap by ensuring uninterrupted supply of scrap to maintain efficiency of operations and adding value to its products by converting billets into TMT bars.Hombre