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M/s. Annam Steels Private Limited (ASPL) was incorporated on 14 December 2000. The company's main objects were to carry on the business of ship breaking; to establish steel furnaces and rolling mills for the manufacture of steel ingots and allied products; and to undertake dismantling of scrapped plants and machinery, as well as trading in ferrous and non-ferrous metals. The company participated in a global tender for dismantling and acquisition of scrapped machinery from M/s. KIOCL for Rs. 227 crores. Despite facing multiple challenges including operational complications, adverse weather, accidents, a global recession, and a decline in steel prices, the company ceased operations in FY 2016-17. Subsequently, loan accounts were classified as NPAs, and liquidation proceedings were initiated, culminating in Corporate Insolvency Resolution Process (CIRP) proceedings.
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