Shyam Metalics and Energy
Ltd, the leading and fastest growing metals manufacturing company in India, is
proud to announce the establishment of a new Stainless Steel Hot Rolled Coils
(HRC) facility at its existing plant in Sambalpur, Odisha as a part of its
expansion plan already approved by the Board of Directors at its meeting held
on 27th July, 2023. The company is strategically positioning itself for
accelerated growth and expansion in the Stainless Steel market.
The new facility, boasting
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 by utilizing
captive raw materials such as direct-reduced iron (DRI), power and ferroalloys
in a reliable and efficient supply chain, while maintaining uncompromising
quality standards throughout the manufacturing process.
In a move to bolster its
capabilities in the long products sector, Shyam Metalics has also applied for
the acquisition of a new 20-acre land parcel at the newly acquired Mittal Corp.
which is now merged with its Material wholly owned subsidiary Shyam Sel and
Power Limited, dedicated to downstream products from its wire rod division.
This expansion initiative includes 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 Mid of F.Y 2026-27. The estimated capital outlay for the
project is slated to be in the range of INR 650 – 750 crores approximately.
"We are excited about the prospects that
stainless steel brings to Shyam Metalics," said Sanjay Agarwal, Joint Managing Director at Shyam Metalics and Energy
Ltd. "With our aggressive expansions into both stainless steel long
and flat products, we are well-positioned to capitalize on emerging
opportunities in the sector, both domestically as well as internationally.”
“We are proud to announce
the establishment of our new Hot Rolled Stainless Steel Coils facility at our
Sambalpur, Odisha facility. Due to our strong supply chain and unwavering
commitment to quality, our company is well-positioned to precisely and
effectively meet the ever-evolving demands of the stainless steel market. By
diversifying into flat stainless steel products, we will be able to drive
growth in important industries like consumer goods, construction, automotive,
and infrastructure. At Shyam Metalics, our goal is to have an impact on India's
industrial landscape going forward, instead of just growing our company."
said Dr. Deepak Kumar Gaur, Chief
Operating Officer - Shyam Metalics and Energy Limited.
Together, these expansion ventures are anticipated to generate approximately 1500 new employment opportunities, underscoring Shyam Metalics' unwavering commitment to fostering innovation and sustained growth with an integrated supply chain. The planned expansion into stainless steel flat products is poised to play a crucial role in supporting India's burgeoning automotive, construction, infrastructure, and consumer goods sectors. By providing high-quality stainless steel products, Shyam Metalics aims to contribute significantly to the nation's economic growth and development. With a steadfast focus on innovation and sustainability, the company is set to become a key player in shaping India's industrial landscape for years to come.
