Auto component maker Steel Strips Wheels bags new orders worth over $1 mn from US

New Delhi: Auto component maker Steel Strips Wheels Ltd on Monday said it has bagged orders worth USD 1 million for over 1.19 lakh wheels for the US caravan trailer market. The order is to be executed in August from the company's Chennai plant, Steel Strips Wheels Ltd (SSWL) said in a regulatory filing.
"This is the largest order from one customer and encompasses most of the development we have done for the US market," it said.

This appears as a major step towards acceleration of resuming business activities and resuming normalcy as the US and EU markets gain momentum after the slowdown of the coronavirus pandemic, it added.

The company said production at its Chennai plant will be further ramped up with the development.

"Inflow of more orders are expected to come from various other customers as markets gain stability," it said.

SSWL had recently bagged long term orders worth Rs 3,750 crore through domestic customer supply programmes.