News: Tata Ryerson plans 1-bln-rupee investment

(RTR 09/08/2006) Kolkata - Tata Ryerson Ltd., a joint venture between Tata Steel Ltd. and U.S.-based Ryerson Inc., will invest 1 billion rupees to set up four steel processing plants in two years, a top official said.

The plants, to come up in Pune, Pantnagar, Taloja and Chennai -- would have a combined capacity of 500,000 tonnes per year, Managing Director Sandipan Chakravortty told reporters.

"It is a stiff competition in India at the moment, but with foreign steel companies also entering the Indian market, we are gearing up to meet rising demands through new investments," Chakravortty said.

The company also hoped to increase double its revenue in two years from 7.54 billion rupees in 2005/06, he added.

Tata Ryerson runs two units with a combined capacity of 1.5 million tonnes of flat steel products a year.