Satyamitra Iron & Steel Pvt. Ltd.

Satyamitra Iron & Steel Industries PVt. Ltd. (SSI), incorporated in 2008, is a recycler of ferrous and nonferrous scrap metal. The Company is a recycler of used and salvaged Ships and a manufacturer of finished steel products. Through its North Indian metals recycling business, it collects and recycles scraps from power industries , demolished factory steels , industrial machinery, manufacturing scrap and construction demolition from bridges, buildings and other obsolete structures. In October 2009, the Company completed the acquisition of four self-service used auto parts stores located in different places in India . This acquisition represented its first used auto parts operations in the India . In January 2010, it completed the acquisition of two self-service used auto parts stores, which increased to four the number of used different types of scraps .

Through the Company’ it exports to customers around the India . The Company’s steel trading business, which has 45 retail locations, buys end-of-life scraps , sells parts to retail customers and sells scrap metal to its metals recycling business depending upon location. Its steel manufacturing business sells scrap metal to its steel mini-mill that produces finished steel products, such as rebar, wire rod, coiled rebar, merchant bar and other specialty products. The Company operates in two segments: the Metals Recycling Business (MRB), and the Steel Manufacturing Business (SMB).

Metals Recycling Business

SMB operates a steel mini-mill in Indore that produces a range of finished steel products using recycled metal and other raw materials. SMB purchases its recycled metal from MRB at rates that approximate export market prices for shipments from the West Coast of the United States. SMB’s melt shop includes an Coal based furnace a ladle refining furnace, five-strand continuous billet caster and has steel chemistry refining capabilities, permitting the mill to produce special alloy grades of steel. During fiscal 2010, the melt shop produced 494 thousand tons of steel in the form of billets. SMB also operates two computerized rolling mills that allow for synchronized operations of the rolling mills and related equipment. Billets produced in SMB’s melt shop are reheated in two natural gas-fueled furnaces and are then hot-rolled through one of the two rolling mills to produce finished products. SMB produces semi-finished goods (billets) and finished goods consisting of rebar, coiled rebar, wire rod, merchant bar and other specialty products.

Semi-finished goods are used for SMB’s finished products, but also have been produced for sale to other steel mills. Rebar is produced in either straight length steel bars or coils and used to increase the tensile strength of poured concrete. Wire rod is steel rod, delivered in coiled form, used by manufacturers to produce a range of products, such as chain link fencing, nails, wire and stucco netting. Merchant bar consists of round, flat, angle and square steel bars used by manufacturers to produce a range of products, including gratings, steel floor and roof joists, safety walkways, ornamental furniture, stair railings and farm equipment. SMB is also certified to produce rebar to support nuclear power plant construction. SMB’s customers are steel service centers, construction industry subcontractors, steel fabricators, wire drawers and major farm and wood products suppliers. During fiscal 2010, SMB sold its finished steel products to customers located in the India its billets to customers in Asia.