Shyam Metalics and Energy Ltd Expands into Stainless Steel Flat Products

Shyam Metalics and Energy Ltd, a prominent metals manufacturing company in India, has announced its ambitious expansion into the Stainless Steel Flat Products sector. The company unveiled its plans to establish a new Stainless Steel Hot Rolled Coils (HRC) facility at its existing plant in Sambalpur, Odisha, as part of its strategic growth initiative approved by the Board of Directors in a meeting held on July 27th, 2023.

This new facility, with a capacity of 0.3 Million Metric Tons Per Annum (MTPA), will focus on producing 200 and 400 series stainless steel hot rolled coils. The manufacturing process will leverage captive raw materials such as direct-reduced iron (DRI), power, and ferroalloys to ensure a reliable and efficient supply chain while maintaining stringent quality standards.

In addition to this expansion into flat products, Shyam Metalics is also enhancing its capabilities in the long products sector. The company has applied for the acquisition of a new 20-acre land parcel at the recently acquired Mittal Corp, which is now merged with its wholly owned subsidiary, Shyam Sel and Power Limited. This acquisition is dedicated to downstream products from its wire rod division, including 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 MTPA.

The projected commissioning of the Stainless Steel Hot Rolled Coils facility is anticipated by the mid of the financial year 2026-27, with an estimated capital outlay ranging from INR 650 to 750 crores. These expansion ventures are expected to create approximately 1500 new job opportunities, reflecting Shyam Metalics' commitment to fostering innovation and growth within an integrated supply chain.

Sanjay Agarwal, Joint Managing Director at Shyam Metalics and Energy Ltd, expressed enthusiasm about the company's foray into stainless steel, citing aggressive expansions into both long and flat products sectors. He emphasized the company's readiness to capitalize on emerging opportunities domestically and internationally.

Dr. Deepak Kumar Gaur, Chief Operating Officer of Shyam Metalics and Energy Limited, highlighted the significance of the new Hot Rolled Stainless Steel Coils facility in Sambalpur, Odisha. He emphasized the company's commitment to quality and its aim to drive growth across key industries such as consumer goods, construction, automotive, and infrastructure. Dr. Gaur reiterated Shyam Metalics' goal of making a lasting impact on India's industrial landscape through diversification and innovation.

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