JSW Steel JFE Steel partnership | Image:JSW Steel
Shyam Metalics Investment: Shyam Metalics and Energy Ltd has unveiled ambitious plans for its stainless steel business, announcing a substantial investment of Rs 650-750 crore over the next few years. The company’s strategy entails establishing a cutting-edge stainless steel hot rolled coils (HRC) facility at its existing plant in Sambalpur, Odisha, with a production capacity of 0.3 million tonnes per year. This facility will specialize in manufacturing high-quality 200 and 400-series stainless steel hot-rolled coils.
Emphasising its commitment to self-sufficiency, Shyam Metalics intends to leverage captive raw materials such as direct-reduced iron (DRI), power, and ferroalloys 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. This strategic move aligns with Shyam Metalics’ broader vision to enhance its presence in the long-term products sector.
Further expanding its footprint in the stainless steel segment, the company aims to augment its capabilities 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. According to Sanjay Agarwal, Joint Managing Director of Shyam Metalics, the entire project is slated for commissioning by mid-FY 2026-27 and will require a substantial capital outlay.
Shyam Metalics is poised to capitalise on emerging opportunities in the stainless steel market, both domestically and internationally, through these strategic initiatives. Moreover, the expansion endeavours are expected to generate approximately 1500 new employment opportunities, thereby contributing to economic growth and employment creation.
With PTI Inputs
