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Visakhapatnam, Aug. 21

The Visakhapatnam steel plant signed a memorandum of understanding (MoU) with Morgan (US) on Monday evening for wire rod mill as a part of the expansion project to take the capacity of the plant to 6.3 million tonnes from the present 3 million tonnes. The contract will be executed by Morgan along with the Indian subsidiary, Morgan India, at a cost of Rs. 622 crore involving a foreign component of $46.6 million and it is to be completed in 27 months, according to a press re lease issued by the company. The consortium partners, Stein Heurtey India, and Mecon, Ranchi, will assist in associated works and site erection. The mill, with a capacity of 6 lakh tonnes per annum, will produce special quality wire rods of 5.5 mm to 20mm diameter to cater to the needs of the automobile industry, fasteners units and wire drawing industries. – Our Bureau

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