Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Panchmahal Steel’s long term bank facilities worth Rs 60 crore and ‘A3’ rating to company’s Short term Bank Facilities worth Rs 92 crore. The ratings of Panchmahal Steel (PSL) continue to derive strength from its established operations in the manufacturing of wide range of stainless steel long products along with its partially backward integrated facility and its comfortable leverage.
Panchmahal Steel is engaged in manufacturing stainless steel long products with an installed capacity of 72,000 metric tonne per annum (MTPA) for wire rods and bright bar along with backward integration facility for stainless steel melting and hot rolling facility. These products are mainly used in the capital goods, automobile, railways and pharmaceutical machinery industry
