SMM, Sept. 2 (, Visa Steel (India Visa Iron and Steel Co., Ltd.) has closed its 1.5 million-ton integrated steel plant in Kalinga Nagar. With the layoffs of 350 workers in two stoves, all equipment at the ferrochrome plant was shut down. The fate of another 2000 employees, including factory executives and non-executive directors, is up in the air.
Sources say, VISA Steel operates a 2, 25, 000 TPA blast furnace, 3, 00, 000 TPA sponge iron and 5, 00, 000 TPA steel plants and 1, 50, 50, 000 TPA ferrochromium plants at Kalinga Nagar via the electric furnace route. It has more than 3200 employees, of whom about 2350 are workers, 3200 non-executive directors and 400 executive employees. The integrated steel mill produces pig iron, sponge iron, TPA rod, wire rod and ferrochromium.
It has two DRI units, five ferrochromium units, a power plant, a steel smelting workshop (SMS) and a hot rolling plant (HRM), the company's three ferrochromium units, the SMS,HRM, power plan and a small blast furnace, which was previously closed, with only two ferrochromium alloy units in operation.
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