Calcutta, Jan. 18: Tata Ryerson has rebranded itself as Tata Steel Processing and Distribution Ltd (TSPDL).

The move comes after Tata Steel bought out the company following the exit of US-based Ryerson last year.

Anand Sen, chairman of TSPDL, said a new chapter was set to begin in the life of the company.

TSPDL, which manufactures customised steel, metal sheets and plates, was set up in 1997.

The company clocked a turnover of Rs 1,300 crore last year and processed 1.3 million tonnes of steel, which is set to increase given Tata Steel’s target to expand capacity by next year.

Sandipan Chakravorty, managing director of the company said, it would require an investment of around Rs 500 crore to increase capacity to process additional steel manufactured by the parent firm.

“We will finalise the plans in the next 2-3 months,” he said.

The rebranding exercise comes at a time competition is increasing in steel processing with the entry of Posco, Essar and Jindal.

Auto contributes 70 per cent to TSPDL’s sales. It is also working on Tata Motors’ Nano project and has units in Pantnagar and Pune.