Chennai, Oct 29 : The city-based Sumangala Steel (P) Ltd., one of the oldest surviving steel making companies in South India, will be investing Rs 50 crore in TMT finishing infrastructure to deliver blue steel timely to its dealers. The company has a state-of-the-art steel mill in Puducherry with a capacity to produce 200,000 tons per annum. Sumangala Steel which closed the last fiscal year with a turnover of Rs.679 crores, expects to touch Rs.1,000 crores at the end of this financial year. Addressing a press conference here today, Rajendran Sabanayagam, Chairman and Managing Director said, what started as a small scale industry in 1987 with a capacity of 12,000 tons per annum had survived in an industry where many players closed down. He explained how the company’s nimble footed quick decision making, timely investments and its single minded focus on quality and unmatched attention to detail has made Sumangala to what it is today. Sumangala spearheaded the use of large Induction Furnaces in 1994 to produce steel billets. “As many steel makers closed, we became the dominant and only supplier of steel billets in the South from 2002 to 2012. Going forward it was integrated in 2015 with a state-of-the-art modern rolling mill to produce high quality TMT bars directly hot charging its steel billets. When demand grew SSL installed a new 30 ton Induction Furnace in 2019 to increase capacity to 200,000 tons per annum
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