Usha Iron and Ferro Metals Corporation Ltd was incorporated as Usha Video Systems Pvt Ltd in 1983. On July 1, 1984, the company became a subsidiary of Usha (India) Ltd, formerly Usha Rectifier Corporation (India) Ltd. In 1992, the company’s name was changed to its present one. In 1993, UIFM took over a mini steel plant from Usha (India).
UIFM was engaged in making billets from scrap and rolls non-flat products. The company also converted billets into rolled products for the Visakhapatnam unit of Rashtriya Ispat Nigam Ltd, amongst other clients. UIFM also traded in GP sheets and other steel products.
In September 1993, the company came out with a Rs 50-mn public issue to finance the expansion of its rolling mill near Visakhapatnam from 18,000 tpa to 40,000. Also, at the time of the public issue, the company had announced that it would make its 6,000-tpa tube mill operational with the working capital funds.
In FY94, the company announced an ambitious plan to put up a 1.25-mtpa integrated steel plant at Vijaynagar, along with iron ore mining facilities. The company proposed to produce long products and structurals during the first phase of the project and flats during the second phase. In the subsequent year, the scope of the project was increased to 2.25 mtpa.