Shyam Metalics and Energy Ltd announced its ambitious investment plans of Rs 650-750 crore in expanding its stainless steel business over the upcoming years. The focal point of this investment is the establishment of a state-of-the-art stainless steel hot rolled coils (HRC) facility at its existing plant in Sambalpur, Odisha.

This new facility will be capable of producing high-quality 200 and 400 series stainless steel hot rolled coils and is expected to have an annual capacity of 0.3 million tonnes. The company emphasized its commitment to using its own resources like direct-reduced iron (DRI), power, and ferroalloys for this project.

In addition, the company disclosed its intention to acquire a 20-acre land parcel at the recently merged Mittal Corp, now under its wholly-owned subsidiary Shyam Steel and Power Limited.

This strategic acquisition aligns with Shyam Metalics’ overarching strategy to fortify its presence in the long products sector, with proposed expansions encompassing a Stainless Steel (SS) bright bars capacity of 25,000 MTPA and an SS wires division with a capacity of 18,000 MTPA.

These initiatives aim to capitalize on the growing opportunities within the stainless steel market, both domestically and globally. Additionally, the expansion plans are forecasted to result in the creation of around 1500 new job openings.