India’s Shyam Steel Limited, one of the largest rebar producers in the east of the country, has approved an investment of $95 million for a brownfield expansion, a company official said on Thursday, August 5.
The official said that the investment will enable its rebar manufacturing facility at the Mejia mill to increase production to 500,000 mt per year from the current level of 200,000 mt per year and take the company’s total rebar making capacity to 900,000 mt per year by 2023.
To support rebar manufacturing, part of the proposed investments will also be riding on increasing production of inputs like sponge iron, billet and rolling mill capacities by at least three times, the official said.
Shyam Steel is also looking to participate in auctions of iron ore blocks to insulate itself from the vagaries of raw material price fluctuations, the official added.