Eastern India-based long steel producer Shyam Steel Limited will invest an estimated $316 million in greenfield and brownfield expansion projects and will widen its distribution network, a company statement said on Thursday, September 1.
The company will be undertaking a brownfield expansion at its Mejia steel mill in the eastern state of West Bengal to ramp up rebar production capacity to 1 million mt per year from 700.000 mt and will complete the project by April 2023.
The company will also be investing in constructing a 350,000 million mt per year greenfield steel mill, also in West Bengal, for which it had already acquired 600 acres of land and will fully operationalize the project by September 2025, the company said.
To deepen its distribution network in the northern states of Punjab, Haryana, Delhi, Jammu & Kashmir, Himachal Pradesh and Rajasthan, Shyam Steel will appoint 250 dealers within the next one year, the company said.
