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MUMBAI (Scrap Monster): India's state-run Steel maker Steel Authority of India Limited (NSE:SAIL)(BSE: 500113) has announced that it plans a second phase expansion entailing an investment of $24 billion to ramp up to 45 million metric tons (mt) per year by 2020.

Accordingly, SAIL will next year complete its ongoing $12.90 billion expansion project to increase steelmaking capacity to 24 million mt per year from the current level of 12.84 million mt per year.

SAIL's Chairman and managing director C.S Varma Said, SAIL has already begun negotiations on the second phase of capacity expansion through brownfield and greenfield projects to be completed by 2020.

Work on the second phase expansion will start next year, immediately after the completion of the ongoing expansion project, he added.

SAIL operates five integrated steel plants at Bokoro, Rourkela, Durgapur, Bhilai and IISCO Steel Plant in Burnpur.

As per the initial plans, except for IISCO Steel Plant, the capacity of all other four plants will be expanded in the second phase project.

The capacity of Bokaro Steel Plant will be increased to 16.75 million mt per year from 4.62 million mt per year, Durgapur Steel Plant's annual capacity will rise to 8.8 million mt from 2.2 million mt, while details of expansion of other plants including Bhilai will be settled shortly.