Shyam Metalicsand Energy Ltd., (Shyam Metalics/Company), the leading and fastest growingmetals manufacturing company in India, has announced the establishment of a newStainless Steel Hot Rolled Coils (HRC) facility at its existing plant inSambalpur, Odisha as a part of its expansion plan already approved by the Boardof Directors at its meeting held on 27^th July, 2023. The newfacility, boasting a capacity of 0.3 Million Metric Tons Per Annum (MTPA), willspecialize in the production of 200 and 400 series stainless steel hot rolled coilsby utilizing captive raw materials, such as direct-reduced iron (DRI), power,and ferroalloys in a reliable and efficient supply chain, while maintaininguncompromising quality standards throughout the manufacturing process.

In a move tobolster its capabilities in the long products sector, Shyam Metalics has alsoapplied for the acquisition of a new 20-acre land parcel at the newly acquiredMittal Corp., which is now merged with its material wholly-owned subsidiaryShyam Sel and Power Limited, dedicated to downstream products from its wire roddivision. This expansion initiative includes plans to establish a StainlessSteel (SS) bright bars capacity of 25,000 MTPA and an SS wires division with acapacity of 18,000 MTPA.

The Project isexpected to be commissioned by mid of FY 2026-27. The estimated capital outlayfor the project is slated to be in the range of `650–`750-crores approximately.

Together, theseexpansion ventures are anticipated to generate approximately 1,500 newemployment opportunities.