Steel Strips bags export order worth Rs 42 crore

The Chandigarh-based automotive wheel rims maker Steel Strips Wheel Ltd informed in a stock exchange filing on Monday that it has won an export order worth Rs. 42 crore.

The company announced that it had received an export order for the market in the western hemisphere. The order would be executed over a period of 12 months with supplies beginning from August from the Chennai plant. With this additional business, Chennai plant will be running at 100 per cent utilisation and efforts are underway to de-bottleneck to raise utilisation by another 25 per cent.

Earlier this month, the company also informed regarding export order worth USD 3.5 million to the US. It was a repeat order and will be handled from the Chennai plant. The rise in export segment can be considered good for the company. It also shows of signs of small revival in global commercial vehicle segment. The company reported robust growth of 1443 per cent in its export segment in Q1FY20. Going ahead, the company expects to keep positive momentum with more focus on higher utilisation in all plants.S

On Monday, the stock of Steel Strips closed at Rs. 778, down by 1.27 per cent, on the BSE.