Shyam Metalics to invest Rs 650-750cr in stainless steel biz
Shyam Metalics and Energy Ltd on Tuesday announced that it will invest Rs 650-750 crore in its stainless steel business over the next few years. The company said it will establish a state-of-the-art stainless steel hot rolled coils (HRC) facility at its existing plant in Sambalpur, Odisha.
This facility, with a capacity of 0.3 million tonnes per year, will specialise in producing high-quality 200 and 400 series stainless steel hot rolled coils, as stated by the company in a statement.
Shyam Metalics emphasised its commitment to leveraging captive raw materials such as direct-reduced iron (DRI), power, and ferro alloys for the project.
Additionally, the company plans to acquire a 20-acre land parcel at the newly merged Mittal Corp, now under its wholly-owned subsidiary Shyam Sel and Power Limited, officials said.
This acquisition aligns with Shyam Metalics' broader vision to bolster its presence in the long products sector, with proposed expansions including a Stainless Steel (SS) bright bars capacity of 25,000 MTPA and an SS wires division with a capacity of 18,000 MTPA, the company said.
Sanjay Agarwal, Joint Managing Director of Shyam Metalics, said, «The entire project, expected to be commissioned by mid-FY 2026-27, will require a substantial capital outlay estimated to be in the range of Rs 650-750 crores.»
These initiatives aim to capitalize on emerging opportunities in the stainless steel market, both domestically and internationally, the company said.
Furthermore, the expansion is anticipated to
