Lanka Special Steels opens Rs. 1.3 Bn manufacturing plant in Sapugaskanda

Lanka Special Steels Limited commissioned their state-of-the-art manufacturing facility in Sapugaskanda with an investment of Rs. 1.3 billion.

This is with a view to increasing production capacity from 15,000 MT to 30,000 MT per annum. This initiative will cater to the growing demand of the domestic market for galvanized wires and also position LSSL as a serious player in the export market, ‘said LSSL Chairman and Chairman of E B Creasy Group S D R Arudpragasam at an event held at Water’s Edge to announce the commencing operations of the factory.

The level of efficiency of this plant is enormous as the factory can function between 15 to 20% capacity to produce world-class GI product and yet breakeven.

Lifespan of the LSSL wires are more than 25 years and it can withstand the most corrosive environments in the coastal belt. “We protect the environment by reusing waste to keep carbon footprint at bay and maintain a very safe environment for our workers by upgrading health and safety measures. We invite potential customers to visit LSSL’s new factory.”

LSSL Director/CEO Pravin De Silva said, “Being an ISO 9001:2015, ISO 45001:2018 certified company we sustain and enhance standards of our products. Modern high-speed European wire drawing machinery and galvanizing furnace with an inbuilt annealing furnace and support systems used with stringent quality checks facilitates producing a world-class product. Venturing into new product categories and capturing a significant share of the export market too is one of our main objectives.”

“We anticipate to start selling 12,000 tons to the local market and 18,000 tons to the export market from 2024 and earn foreign exchange of 50 million dollars per year by exporting. We hope to penetrate the South Indian market while catering to the USA, Canada with end-products. Enhancing production capacity and expanding market presence making ours the Top-of-the-mind product among loyal and potential customers was also one other reason for setting up the new factory. We focus is to curtail reliance on imported products, reduce the USD import bill and strengthen Sri Lanka’s manufacturing sector by adhering to SDG standards.”

Lanka Special Steels Limited (LSSL) was earlier known as a company of TATA steel.