- The Company has set up a plant for manufacture of 35 000 tonnes per annum of GP/GC sheets in thin gauges of 0.18 mm to 1.25mm.

- The Company incorporated the `Lysaght' technology using the continuous hot dip galvanising process developed by the collaborators using flux.

- The Company entered into a license and technology agreement with John Lysaght International Holding S.A. (JLIH) Hong Kong on 13th September for the use of Lysaght technology. The collaborators were to provide total technical services including provisions of engineering and construction services with respect to construction and commissioning of galvanised steel plant.

1987 - 7 shares subscribed for by signatories to the Memorandum of Association. 62 49 993 shares then issued at par of which the following shares were reserved and allotted on a firm basis: (i) 26 19 993 shares to promoters directors etc. and (ii) 10 00 000 shares to NRI associates on repatriation basis.

- Of the balance 26 30 000 shares the following shares were reserved for allotment on a preferential basis:

- (i) 3 12 500 shares to employees/workers of the company shares taken up).

- The remaining 12 12 900 shares along with the unsubscribed portion of 3 66 600 shares from preferential quota were offered to the public in November 1987 (all were taken up).

1989 - The Company undertook to set up a cold rolled coil mill with a licensed capacity of 50 000 tonnes per annum.

1990 - During February-March the Company offered 500 000 - 14% Secured redeemable fully convertible debentures of Rs. 200 each on Rights basis.

- During the year the Company has put Assets valued at Rs. 38.62 crores to productive use in the Balancing Equipments Project.

- The Company proposed to augment the cold rolling mill capacity by 1 lakh mtrs. per year.

- During February-March the Company offered 5 00 000 - 14% secured redeemable fully convertible debentures of Rs 200 each on Rights basis in the proportion 2 debentures : 25 equity shares held.

- Additional 515 debentures were allotted to retain oversubscription. Simultaneously another 25 000-14% secured redeemable fully convertible debentures of Rs 200 each were also issued to employees (including Indian working directors)/workers of the Company on an equitable basis (only 430 debentures taken up). The unsubscribed portion of 24 570 debentures was allowed to lapse.

- Rs 75 of the face value of each debenture was automatically and compulsorily converted into 5 equity shares of Rs 10 each at a premium of Rs 5 per share at the end of six months from the date of allotment of debentures.

- Out of the balance Rs 125 of the face value of each debenture of Rs 90 was automatically and compulsorily converted into 5 equity shares of Rs 10 each at a premium of Rs 8 per share in December 1991. The balance Rs 35 of each debenture was to be redeemed in annual instalments of Rs 10 Rs 10 and Rs 15 during 1996-98.

- During February-March the Company offered 5 00 000-14% secured redeemable non-convertible debentures of Rs 100 each on Rights basis in the ratio 2 debentures : 25 equity shares held (all were taken up).

- These debentures were to be redeemed at a premium of Rs 5 per debenture in three annual instalments of Rs 35 each on the expiry of 6th 7th and 8th year from the date of allotment of debentures.

1991 - The financial institutions have the option to convert 20% of their Rupee loans into equity shares of the Company at par during the period 1st January to 31st December 1993.

1992 - Despite loss of production at GP/GC plant as a result of flooding of the premises on 8th/9th June the Company realised higher margins.

- The Company proposed to export GP/GC coils/sheets to Middle East and South Eastern Asian countries.

1993 - The Company proposed to expand the capacity of CGL by 1 00 000 tonnes and a matching C R Coils Mill capacity by 1 00 000 tonnes.

- During Oct./Nov. the company offered 56 30 145-15% secured fully convertible debentures (FCD) of Rs 50 each on right basis to the existing shareholders in the ratio of one debenture for every two equity shares held.

- Another 87 00 700 FCDs of Rs 50 each were offered of which 10 00 000 debentures were offered to UTI 2 00 000 debentures were offered to IFCI 5 40 000 debentures were offered to FIs 8 70 000 debentures were offered to MFs 13 05 100 debentures were offered to NRIs 7 83 000 debentures were offered to FIIs 13 100 debentures were offered to employees and the balance 39 89 500 debentures were offered to public (All were taken up).

- Part `A' of Rs 20 per debentures was converted into one equity share at a premium of Rs 10 per share on allotment. Part `B' of Rs 30 was converted into one equity share at a premium of Rs. 20 per share after 12 months from first conversion.

- The name of the Company was changed from `Uttam Galva Steels Ltd.' to Uttam Steel Ltd.

- 143 30 723 No. of equity shares allotted on Ist conversion of 15% secured fully convertible debentures.

1994 - 143 30 723 No. of equity shares allotted on IInd and final conversion of 15% secured fully convertible debentures.

1997 - The Mumbai-based Uttam Steels Limited (USL) will set up a 2.5 million tonne per annum (mtpa) capacity integrated steel plant in two phases in the mega steel complex at Duburi in Orissa about 150 km from here.

- The company has opted for the preference shares route which will enable it to achieve its objective of strengthening its capital base without increasing its equity and therefore protecting the company's earning per share and also its book value from any dilution.

1998 - 1 87 720 Equity shares of Rs. 10/- each has been forfeited due to non payment of calls.

1999 - The Company was honoured with Regional Export Excellence Award for the Year 1997-98 on 21st July 1999 at the hands of Secretary Department of Commerce and Trade Government of India.

- During the year under review the Company has received a Certificate of Approval under ISO 9002 for quality management for its continuous Galvanising Line at Khalapur.

2004

-Uttam Galva Steels Limited has informed that subject to the approval of Members of the Company at a General Meeting and the Central Government the Remuneration Commmittee of Directors at its meeting on December 8 2003 and the Board of Directors at its meeting on December 9 2003 have approved the re-appointment of Shri Rajinder Miglani as the Managing Director of the Company for the period of 3 Years w.e.f. December 31 2003.

-Shri. V. Prakash was appointed as Nominee Director of ICICI Bank Ltd. in place of Mr. Deepak Verma Nominee Director of ICICI Bank Ltd w.e.f. October 9 2003 on the Board of Directors of the Company.

-Shri Rajendra Kumar Haran the Compliance Officer of the Company has been designated from Chief General Manager (Legal) & Company Secretary to Assistant Vice-President (Legal & HRD) & Company Secretary w.e.f. December 18 2003.