Shyam Metalics and Energy Ltd announced on Tuesday that it intends to invest Rs 650-750 crore in its stainless steel business over the coming years. The company plans to set up a modern stainless steel hot rolled coils (HRC) facility at its existing plant in Sambalpur, Odisha.
This new facility, with a capacity of 0.3 million tonnes per year, will focus on producing high-quality 200 and 400 series stainless steel hot rolled coils, as per the company’s statement.
Shyam Metalics highlighted its commitment to utilizing captive raw materials like direct-reduced iron (DRI), power, and ferroalloys for this project.
Moreover, the company intends to acquire a 20-acre land parcel at the recently merged Mittal Corp, now under its wholly-owned subsidiary Shyam Sel and Power Limited.
This acquisition aligns with Shyam Metalics’ broader goal of strengthening its presence in the long products sector. The proposed expansions include a Stainless Steel (SS) bright bars capacity of 25,000 MTPA and an SS wires division with a capacity of 18,000 MTPA.
Sanjay Agarwal, Joint Managing Director of Shyam Metalics, mentioned, “The entire project, expected to be operational by mid-FY 2026-27, will require a significant capital investment estimated to be in the range of Rs 650-750 crores.” These initiatives aim to seize emerging opportunities in the stainless steel market, both domestically and internationally.
Additionally, the expansion is expected to create approximately 1500 new job opportunities.
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