Siscol Targets Rs 250-cr Sales In 2002-03

Chennai, January 21: | Updated: Jan 22 2003, 05:30am hrs
Southern Iron and Steel Company Ltd (SISCOL), a joint venture of the Coimbatore-based Lakshmi Machine Works Ltd (LMW) and Tamil Nadu Industrial Development Corporation Ltd (Tidco), is coming out of its teething troubles and the current financial year is expected to close with net sales of Rs 250 crore.

During the three months period ended December 31, the company has reported net sales of Rs 66.64 crore. Net loss after taxation has come down to Rs 6.43 crore against Rs 8.68 crore in the same period last year.

Promoted to manufacture pig iron, billets and various steel products, the Rs 1035-crore project will touch a capacity utilisation of 80-85 per cent in 2003-04 and full capacity of three lakh tonnes in 2004-05, company sources told The Financial Express.

With its focus on the southern markets, SISCOL is already in the market with thermo mechanically treated rebars (TMT) under the brand name `Sistrong'. Another product with considerable market potential is the corrosion-ressitant TMT bars, SISCOR. Both are manufactured with the technical support of MECON and RDCIS-SAIL, Ranchi.

``The target of the company is to enter the southern market with many branded quality products,'' sources said. It is also planning to produce value-added products like spring steel flats used in automobiles, alloy steels, electrode-quality steels etc.

SISCOL has also been successful on the export front. So far in the current year it has exported 24,000 tonnes of billets to southeast Asian markets. It is also making trial exports of wire rods.