India Steel Works Ltd (formerly known Isibars Ltd), incorporated as Khanna & Roy Heavy Engineering in 1987 and was acquired by the present promoter H L Gupta took over the firm in 1990 and renamed it as Isibars in May 1991. The Company is engaged in manufacturing and trading of steel products like hot rolled, bars and rods, bright bars, etc. Later Isibar took over the steel division of Zenith comprising the steel melting and rolling unit at Khopoli, Maharashtra.
Drawn stainless steel bars and bright bars, being corrosion-resistant, are used in the automobile, textile, machine tool, chemical, food, dairy and marine industries. Stainless steel flats are cold-rolled and used to manufacture stainless steel utensils.
The company increased its capacity for cold-finished bars to 10,000 tpa. The company's expansion-cum-backward integration project at Khopoli has been implemented and it started production from July, 1998 with a cost of Rs 120.52 crs.
During 2003-04, the Cold bar rolling mill was re-installed and started commercial operations from the year on to augment the rolling capacities of the Company to 1,00,000 MT per annum from 80000 MT. The Company also undertook to expand its steel making capacity by installing a new Induction furnace. Upon completion of this expansion project the steel making capacity at the end of the year was increased to 54,000 MT per annum from 40,000 MT.
During 2012-13, the Bright Bar Division in Navi Mumbai was shifted and merged into the Khopoli facilities. The Wholly Owned Subsidiary namely Indinox Steels Private Limited was incorporated on June 16, 2018.