India’s Shyam Steel to expand TMT bar production capacity

Monday, 19 April 2021 12:26:59 (GMT+3)   |   Kolkata
       

Eastern India-based steelmaker Shyam Steel Limited (SSL) has announced that it will make an investment of around $80 million in brownfield expansion to increase the production of thermo-mechanically treated (TMT) rebar to 900,000 mt per annum from 600,000 mt per annum, a company official said on Monday, April 19.

The expansion project is expected to be completed within the next 12-18 months, he said.

Lalit Beriwal, director of SSL, said that an estimated $53 million would be spent on backward integration to ramp up production of sponge iron and a captive power plant, while the balance would be utilized to increase the capacity of the TMT bar mill.

The official said that, apart from brownfield expansion, SSL is also looking at increasing its TMT production capacity through the inorganic route and the acquisition of stressed steelmaking assets currently before the National Company Law Tribunal (NCLT) for debt resolution.

Mr. Beriwal said that SSL is searching for such stressed steelmaking assets in the states of Odisha and Jharkhand, and is hoping to close a deal within the next three to six months through the debt resolution mechanism of NCLT.


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