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Lake Steel and Allied Products, a steel company led by Tanzanian tycoon Ally Awadh, is set to increase its annual production from 100,000 metric tonnes to 150,000 metric tonnes as it looks to meet growing demand.
The Tanzanian steel manufacturer recently established a new office in Dar es Salaam to ease operations and make it more accessible to its customers.
Awadh, the 43-year-old chairman of Lake Group, an energy trading, logistics, and construction supply material conglomerate, revealed that its steel unit, Lake Steel and Allied Products, is rapidly growing and set to increase production capacity. The expansion activities are expected to be completed in the next three months.
“Due to business growth, we are in the process of increasing production capacity from 100,000 tonnes to 150,000 tonnes, and the expansion activities will be completed in the next three months,” he said.
The move to expand the capacity of its steel unit is expected to place Lake Group on the path of sustainable growth as the group continues to deploy new strategies to drive growth across all its operating units, including Lake Oil, its flagship company.
Lake Group has successfully ventured into various business activities, covering downstream oil and gas, logistics solutions, manufacturing, and construction industries like steel, lubricants, and premix concrete.
The group’s footprint is spread across East and Central Africa, and one of its largest Premix Plants is located in Dubai.
Under the leadership of Awadh, one of Tanzania’s richest businessmen, the company has grown into one of the fastest-growing energy trading, logistics, and construction supply material conglomerates on the continent.
The recent expansion of Lake Steel and Allied Products’ capacity is a testament to the company’s continued commitment to meeting the growing demand for its products.
The move is expected to further strengthen the company’s position as a major player in the steel manufacturing industry in Tanzania and beyond.
