Rajeev Jhawar Usha Martin is Expanding its Activities in China in a Big Way

KOLKATA, 9 NOV: Kolkata-based Usha Martin is expanding its activities in China in a big way. Speaking to reporters here today, Rajeev Jhawar, managing director of the company, said that Usha Martin China has been established for the purpose.

Rajeev Jhawar Usha Martin

Asked if the company was facing any competition there from domestic manufacturers, he said that the products distributed in China were of very specialised nature and most of these are not manufactured by the domestic units.

Within the next two years, the company was expecting to sell 2,000 tons of speciality wire ropes in China, he said.

Usha Martin’s joint venture was progressing well in Thailand, Rajeev Jhawar said, adding that it is expected to run in full swing by March-April 2014.

Announcing the company’s financial results after its board meeting during the day, he said that for the first half of the financial year 2013-14 the company’s net sales increased to Rs 1,855.89 crore from Rs 1,785.07 crore in the corresponding period of the previous year.

The company &’s profit after tax for the period under review, however, fell to Rs 4.95 crore from 26.32 crore in the year-ago period.

The market for speciality steel was passing through a difficult phase, Rajeev Jhawar said, hoping that things will look up in the second half.

Across the country, demand from the construction sector was not at all encouraging as no new projects were coming up of late, he added.