Shyam Metalics and Energy Ltd announces expansion into Stainless Steel Flat Products

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.

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.

"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 wellpositioned 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.

Shares of Shyam Metalics and Energy Limited was last trading in BSE at Rs. 619.75 as compared to the previous close of Rs. 618.65. The total number of shares traded during the day was 42016 in over 1355 trades.

The stock hit an intraday high of Rs. 632.20 and intraday low of 611.15. The net turnover during the day was Rs. 26320480.00.

Source : Equity Bulls

Keywords

ShyamMetalicsandEnergy Expansion StainlessSteelFlatProducts Odisha