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

Auto component maker Steel Strips Wheels recently announced it has bagged export orders worth over USD 237,000 (about Rs 1.77 crore) from the United States.

In a regulatory filing, the company said it has bagged export orders for over 30,000 wheels for the US caravan trailer market to be executed in September from its Chennai plant.

"This is the largest order from one customer and encompasses most of the development we have done for the US market", stated the company.

“Similar orders are expected in times to come from other regular customers as the market gains stability. This step is important 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.

Steel Strips Wheels Ltd NSE -1.53 % (SSWL) said the orders are worth USD 237,000.

This will support further ramping up of production at Chennai steel wheels plant, the company added.

Reportedly, Steel Strips Wheels had received orders worth over USD 209,000 (about Rs 1.56 crore) for the US truck and caravan trailer market. It had also acquired orders worth over USD 1.3 million (about Rs 9.76 crore) for 1.16 lakh wheels for the US caravan trailer market.

Shares of the company were trading at Rs 424 apiece, up 1 per cent over its previous close.

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