I am writing this letter to inform that the board of directors of our company has sanctioned the most prestigious project of building a two million tons blast furnace at the Austin unit of the company. Once the new project of the company gets commissioned the total production output of saleable steel will increase from the present two million tons to four million tons per annum. The new project is expected to be completed in the next three years with a total cost of $5 billion dollars. The company plans to raise $2.5 billion dollars as debt from the market in the form of convertible bonds and the rest $2.5 billion dollars will be arranged with the internal coffers of the company.
I feel that once the project is completed the production of our company will be doubled and this will help in improving the overall profit of our company. Hope that the projected gets completed in time so that it a landmark in the development saga of our company.
HLF Steel Mills Limited
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