Usha Martin's Thailand subsidiary - Usha Siam Steel Industries (Usha Siam) has halted the production on the back of devastating floods in Thailand, facilities of Usha Siam which has an annual production capacity of 44000 MT has been inundated in water and are currently non operational.
The extent and nature of loss and possibility for resumption of operations would be assessed after the water recedes. The insurance policy of Usha Siam broadly covers losses relating to property, material and profits.
Usha Martin is engaged in the manufacturing of wire rods, bright bars, steel wires, specialty wires, wire ropes, strand, conveyor cord, wire drawing and cable machinery. The company was incorporated as a joint venture between Usha Martin Industries and Bihar State Electronics Development Corporation, AEG Kabel, Germany (now Kabelrhydt and a member of the Alcatel group) and DEG, Germany.
