Shyam Metalics expands stainless steel production with new HRC facility in Odisha

Shyam Metalics and Energy Ltd, a leading and rapidly expanding metals manufacturing firm in India, plans to invest in a new Stainless Steel Hot Rolled Coils (HRC) facility at its existing plant in Sambalpur, Odisha. This move aligns with the company's approved expansion plan set forth by the Board of Directors in July 2023. With a strategic focus on growth and market positioning, the company aims to bolster its presence in the Stainless Steel sector.

The newly established facility, with a capacity of 0.3 million metric tonnes per annum (MTPA), will specialize in producing 200 and 400 series stainless steel hot rolled coils. It will leverage captive raw materials such as direct-reduced iron (DRI), power, and ferroalloys to ensure a reliable and efficient supply chain while upholding stringent quality standards throughout the manufacturing process.

In a bid to enhance its capabilities in the long products segment, Shyam Metalics has also initiated the acquisition process for a 20-acre land parcel at the recently merged Mittal Corp., now under its wholly owned subsidiary Shyam Sel and Power Limited. This expansion endeavour 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 MTPA.

The projected timeline for the completion of these projects is by the mid of the financial year 2026-27, with an estimated capital outlay ranging from INR 650 to 750 crores.

Shyam Metalics' expansion into stainless steel flat products will boost India's automotive, construction, infrastructure, and consumer goods sectors. The Joint Managing Director is enthusiastic about the company's growth in the sector, emphasising aggressive expansion into both long and flat products to seize emerging domestic and international opportunities.