The blast furnace 2 at the Wardha Steel Complex, close to Nagpur, Maharashtra, has been successfully commissioned, according to a Nithia Capital announcement.
The new blast furnace can produce 700,000 tons of hot metal annually, which will mostly be used to meet the demands for hot metal and pig iron at Uttam Value Steels Limited's nearby steelmaking operations (UVSL). Due to funding limitations, this BF2 project was put on hold in 2018 after starting in 2015.
When Nithia acquired both UGML and UVSL in December 2020, one of its main goals was to finish this incomplete project within 18 months. UGML will have a hot metal production capacity of over 1.5 million tons following the removal of blast furnace 1 for refurbishment and capacity development. This extra capacity will augment that furnace.
In December 2020, Nithia and AB CarVal (previously CarVal Investors) finalized the acquisition of UGML and UVSL with the National Company Law Appellate Tribunal's blessing (NCLAT). Through Wardha Steel Holdings Pte Ltd, a joint venture holding company incorporated in Singapore, Nithia Capital purchased the firms.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.
