USHA MARTIN LTD.

Usha Martin Limited is a leading producer of specialty steel and one of the largest wire rope manufacturers globally. The Company is engaged in the business of Wire and Wire ropes - Manufacture and sale of steel wires, strands, wire ropes, cord, related accessories, wire drawing and allied machine, etc. They operate 6 manufacturing facilities in Ranchi, Hoshiarpur, Silvassa, Dubai, Bangkok and the United Kingdom. They are also having their overseas manufacturing operations in Thailand, United Kingdom, United States and Dubai. The company operates in three manufacturing divisions, namely steel, wire ropes and others. The steel division manufactures steel wire rods, rolled products, billets, pig iron and allied products. The wire and wire ropes division manufactures steel wires, strands, wire ropes, cord, bright bar, related accessories. Its other division manufactures wire drawing and allied machineries, jelly filled telecommunication cables. Usha Martin Limited was initially incorporated as 'Usha Beltron Limited' in 1986. The name of the Company was changed to Usha Martin Limited on May 1, 2003. It was jointly promoted by Usha Martin Industries Limited and the Bihar State Electronic Development Corporation. The company manufactured Jelly Filled Telephone Cables in collaboration with AEG Kabel of Germany. In the year 1994, the company established Usha Martin Europe Ltd as a subsidiary, in joint venture with Exim Bank of India to create worldwide marketing and distribution set up for export of wire ropes. In the year 1995, the company commissioned mini blast furnace at Jamshedpur to reduce cost and improve productivity. In the year 1996, they commissioned a new state of the art Wire Rod Mill at Jamshedpur to produce higher weight coils for better productivity. Usha Martin Industries Ltd merged with company with effect from October 1, 1997. The shareholders of Usha Martin Industries Ltd were allotted one equity share of the company in respect of every three shares of Usha Martin Industries Ltd held by them. In the year 2000, the company's IT division was de-merged into a new company named as Usha Martin Infotech Ltd. The company established UM Cables Ltd as their wholly owned subsidiary to set up a green field JFTC and OFC plant at Silvassa. They commissioned 25 MW thermal power plant at Jamshedpur for captive consumption during the year. During the year, the company acquired a majority stake in Usha Siam Steel Industries Public Ltd Company, Bangkok, which is engaged in manufacture of wire ropes. Also they acquired 80% stake in Brunton Shaw Ltd, UK, from Carclo Group. In the year 2001, the company established Usha Martin Singapore (Pty) Ltd as their wholly owned subsidiary for setting up a distribution center at Singapore for wire ropes. Also, they commissioned second SMS at Jamshedpur to enhance capacity to 350000 TPA. In the year 2003, the company disposed off their Rolling Mill Division at Agra for focusing on core business. Also, Brunton Wolf Wire Ropes FZ Co Middle East Dubai, a joint venture between Usha Martin International Ltd and Gustav Wolf of West Germany commenced their commercial production with production capacity of 6,000 MT per annum. During the year 2003-04, the company acquired the balance equity share of their subsidiary company, Usha Martin International Ltd from Export Import Bank of India. Thus, Usha Martin International Ltd became a wholly owned subsidiary company. During the year 2004-05, the company commissioned DRI and WHRB power plant at their steel division in Jamshedpur. During the year 2005-06, the company commenced iron ore mining activities in State of Jharkhand. Usha Martin Holdings Ltd, a wholly owned subsidiary of the company, was merged with the company with effect from April 1, 2005. Also, the company acquired wire and wire rope division of JCT Ltd in Punjab. This division, named as Wire & Wire Rope Division (North) commenced their operations on June 1, 2005. The subsidiaries of Usha Martin International Ltd, namely Usha Martin Americas Inc, Brunton Wolf Wire Ropes FZCO and UMICOR Africa Pty Ltd became the direct subsidiaries of the company with effect from October 1, 2005. During the year 2006-07, the company made a joint venture agreement with Pengg AG of Austria and formed Pengg Usha Martin Wires Pvt Ltd for manufacturing Oil Tempered and other type of speciality wires at Ranchi. The company holds 40% stake in this venture while the balance is being held by Pengg AG, Austria. Also, they made a joint venture with CCL group of UK and formed CCL Usha Martin Stressing Systems Ltd for dealing in post tensioning in building and other civic work. The company holds 50% stake in this venture. In December 2006, the company acquired a steel rolling plant in Agra with an annual capacity of 72,000 tonnes and was renamed as Construction Steel Division. During the year 2007-08, the company purchased equity shares of Brunton Shaw Americas Inc, from Usha Martin International Ltd and thus, Brunton Shaw Americas Inc became the direct wholly owned subsidiary of the company. Also, the wire rope manufacturing plant set up by Brunton Shaw Americas Inc started their commercial production. Also, Usha Martin International Ltd, a wholly owned subsidiary of the company acquired De Ruiter Staalkabel BV, a company incorporated in Netherlands. The projects of company which is under implementation include setting up of second mini blast furnace/sinter plant, 75 MW captive power plants, third steel melt shop which consists of electric arc furnace, ladle furnace and vacuum degassing, bloom caster, 700 TPD DRI plants, railway sidings, coal mining, enrichment of mineral resources, etc. In this, coal mine, DRI plants, third SMS, 30 MW captive power plant, bloom mill and bright bar plant at Chennai are expected to get commissioned during the financial year 2008-09. In June 2008, the company signed a joint venture agreement with BHP Billiton Ltd to set up a joint venture company Bharat Minex Pvt Ltd to jointly explore for minerals in the state of Jharkhand in India. During year 2008-09, Usha Martin Vietnam Company Limited (UMVCL), a company incorporated in Vietnam, was formed as wholly owned subsidiary of Usha Martin Singapore Pte. Limited, a wholly owned subsidiary of the Company. Also, Usha Martin Power & Resources Limited (UMPRL) was formed as a wholly owned subsidiary of the Company. Brunton Shaw Americas Inc, a wholly owned subsidiary of the Company merged with Usha Martin Americas Inc, another wholly subsidiary of the Company w.e.f. 1st April, 2009. The Company started operations at coal mine during year 2009-10. Usha Martin Singapore Pte. Limited [UMSPL], a wholly owned subsidiary of the Company, constructed about 70,000 sq. ft. space to accommodate warehousing facilities which became operational in April, 2010. P. T. Usha Martin Indonesia, a Company incorporated in Indonesia, was formed as wholly owned subsidiary of UMSPL. Bharat Minex Private Limited was made a wholly owned subsidiary of the Company, after buying out 50% equity stake earlier held by joint venture partner namely BHP Minerals Holding Pty Ltd. 30 MW CPP, Char Beneficiation, DRI-V, 100 TPD Lime Kiln, Beneficiation Plant Phase-1, EBNER annealing furnace and Fume Exhaust System of SMS-2 were major projects commissioned during the financial year 2012- 13. The Company commissioned key cost optimization projects, namely coke oven plant, ore beneficiation and pellet plant, DRI IV, 35 MW Captive power plant, etc. in 2013-14. During 2015, Gustav Wolf Specialty Cords Limited, a Joint Venture of the Company and Usha Martin Power & Resources Limited, a subsidiary of the Company were converted into wholly owned subsidiary of the Company. However, during 2015, the Hon'ble Supreme Court of India passed Order relating to deallocation of two coal mines of the Company, Kathautia and Lohari Coal blocks. of which, the Kathautia Coal Block was in operation upto March, 2015. During 2016-17, the Company divested 50% shareholding in Dove Airlines Private Limited (DAPL), and subsequently DAPL ceased to be a joint venture of the Company in August, 2016. As on 31st March 2019, the Company had a steel making capacity of nearly 1 million tons and wire ropes capacity of 259,320 MT. The Company made alloy steel long products like wire rods, bars, blooms and bright bars mostly for commercial vehicles and tractors. During 2019-20, the Steel Business Undertaking comprising of steel manufacturing facility, an operative iron ore mine, coal mine under development, captive power plants, plant & machinery of straight bar facility of the Company was sold through slump sale as a going concern effective on April 9, 2019. The Company's step down subsidiary, EMM Corporation Limited at Aberdeen, Scotland launched TITAN wire rope centre in Europe, which provides strong and reliable wire ropes for anchoring, mooring and towing, meeting the stringent demands of industries in oil, energy, offshore and marine sectors and also offers complete installation and inspection services worldwide in 2024. The Company launched Oceanfibre, a new range of high-performance HMPE slings for offshore lifting developed at its UK facility and began commercial production in FY 2024-25. Further, it launched the aluminum zinc-coated wire range Galstar', for critical uses such as rockfall and avalanche barriers, slope stabilization, fencing, and automotive springs.