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Hot Pursuit News

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(10 Apr 2024, 10:36)

Shyam Metalics gains on capacity expansion in Odisha plant

Shyam Metalics and Energy added 1.32% to Rs 628.10 after the company established a new stainless steel hot rolled coils (HRC) facility at its existing plant in Sambalpur, Odisha as a part of its expansion plan.

The company said that the expansion plan was already approved by its board the meeting held on 27 July 2023. The firm is strategically positioning itself for accelerated growth and expansion in the stainless steel market, it added.

The metal producer stated that 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 HRC 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.

To bolster its capabilities in the long products sector, the company has also applied for the acquisition of a new 20-acre land parcel at the ne...

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