Ravi Jhunjhunwala

We are clearly witnessing an acceleration in the regionalization of steel trade driven by rising protectionist measures globally in response to structural overcapacity particularly in China.

The only reason that we decided to invest whatever we invested to buy Graphtech shares was primarily because that is the only graphite company in the world who is 75 to 80% backward integrated.

We have the single location largest facility in the world at a place called Mandi near Bhopal with a capacity of 100,000 tons combined with a cost structure which is amongst the lowest positions us as one of the most efficient and cost efficient graphite electrode manufacturers globally.

This 20 million tons which is already in operation may take another 6 months 9 months 12 months to reach 70 80 85% capacity utilization. So this 20 million itself will require 25 to 30,000 tons of electrodes.