Category

Countries

Shyam Metalics and Energy Ltd Unveils Plans for Stainless Steel Flat Products Expansion
Shyam Metalics and Energy Ltd Unveils Plans for Stainless Steel Flat Products Expansion

Shyam Metalics and Energy Ltd Unveils Plans for Stainless Steel Flat Products Expansion

  • 10-Apr-2024 4:36 PM
  • Journalist: Motoki Sasaki

Shyam Metalics and Energy Ltd, a prominent and rapidly expanding metals manufacturing company based in India, is pleased to announce the establishment of a new facility for Stainless Steel Hot Rolled Coils (HRC) at its existing plant in Sambalpur, Odisha. This initiative is part of the company's expansion plan, which was approved by the Board of Directors during their meeting on July 27th, 2023. With this strategic move, the company aims to accelerate its growth and strengthen its presence in the Stainless Steel market.

The newly established facility, with a capacity of 0.3 Million Metric Tons Per Annum (MTPA), will specialize in the production of 200 and 400 series stainless steel hot rolled coils. It will leverage captive raw materials such as direct-reduced iron (DRI), power, and ferroalloys, ensuring a reliable and efficient supply chain while upholding uncompromising quality standards throughout the manufacturing process.

Furthermore, to bolster its capabilities in the long products sector, Shyam Metalics has initiated the process of acquiring a 20-acre land parcel at the recently acquired Mittal Corp., which has been amalgamated with its wholly-owned subsidiary Shyam Sel and Power Limited. This acquisition is earmarked for the development of downstream products from its wire rod division, encompassing plans to establish a Stainless Steel (SS) bright bars capacity of 25,000 Metric Tons Per Annum (MTPA) and an SS wires division with a capacity of 18,000 Metric Tons Per Annum (MTPA).

The project is expected to be commissioned by the mid of the financial year 2026-27, with an estimated capital outlay ranging from INR 650 to 750 crores. These expansion initiatives are projected to create approximately 1500 new employment opportunities, underscoring Shyam Metalics' commitment to fostering innovation and sustained growth with an integrated supply chain.

The proposed expansion into stainless steel flat products is positioned to have a pivotal role in bolstering India's thriving automotive, construction, infrastructure, and consumer goods industries. By delivering top-notch stainless steel products, Shyam Metalics aims to make a substantial contribution to the nation's economic advancement and progress. With an unwavering commitment to innovation and sustainability, the company is primed to emerge as a prominent player in shaping India's industrial scenario for the foreseeable future.

Sanjay Agarwal, Joint Managing Director at Shyam Metalics and Energy Ltd, expressed excitement about the prospects that stainless steel brings to the company, stating, " Through our ambitious expansions into both stainless steel long and flat products, we are strategically positioned to seize emerging opportunities in the sector, both within the domestic market and on the international stage."

Dr. Deepak Kumar Gaur, Chief Operating Officer of Shyam Metalics and Energy Limited, commented on the establishment of the new Hot Rolled Stainless Steel Coils facility, stating, " Thanks to our robust supply chain and steadfast dedication to quality, our company is excellently positioned to accurately and efficiently meet the constantly changing requirements of the stainless steel market. Through our expansion into flat stainless steel products, we anticipate driving growth in critical sectors such as consumer goods, construction, automotive, and infrastructure. At Shyam Metalics, our objective is to influence India's industrial landscape moving forward, rather than merely expanding our business footprint."

Related News

Supply Dynamics Shift as US Hot-Rolled Coil Prices Resurge, Setting Trends in Metal Industry
  • 03-May-2024 3:57 PM
  • Journalist: Li Hua
Malaysian and US HRC Prices Reflect Industry Challenges and Government Initiatives
  • 17-Apr-2024 5:42 PM
  • Journalist: Xiang Hong
European Hot Rolled Coil Price Faces Challenges as The Demand Lowers Amidst Market Uncertainties
  • 28-Feb-2024 12:20 PM
  • Journalist: Li Hua
Italian Hot Rolled Coil Price Observed Rising Trend Amidst Strong Demand from Construction Industries
  • 12-Jan-2024 2:17 PM
  • Journalist: Li Hua