Scan Steels Achieves Value Addition, Acquires Bindals Sponge Industries, and Plans TMT Capacity Expansion

Scan Steels Limited, an integrated steel company, has announced its Q3 & 9MFY26 financial results. The company has achieved complete value addition by increasing production and sales of value-added products such as TMT. Despite lower realizations, quarterly margin expansion was achieved through increased volumes, cost savings, and the commissioning of the hot charging rolling mill. Scan Steels has also formed a consortium with Kalinga Allied Industries India Private Limited for the acquisition of Bindals Sponge Industries Limited under the NCLT Resolution Plan. The company is also undertaking capacity expansion at its Unit-1l facility in Gangajal, Biringatoli, Odisha, through the installation of three 20 TPH induction furnaces and a captive-use oxygen plant, and setting up a 30 MW captive power plant. A 72,000 TPA pipe mill is being developed at Unit-1, Ramabahal, Keshramal, Rajgangpur, Odisha, with an investment of 3,370 Mn.