India’s Shyam Metalics Limited (SML) will invest an estimated $90.36 million to construct a new stainless steel hot rolled coil (HRC) manufacturing plant at its existing site in eastern state of Odisha, a company statement said on Thursday, April 11.
The facility, with a capacity of 0.3 million mt per year, will specialise in producing high-quality 200 and 400 series stainless steel hot rolled coils, the statement read.
SML will leverage its captive raw materials such as direct-reduced iron (DRI), power, and ferroalloys for new project.
The new plant has been scheduled for completion by 2026-27.
