Shyam Steel plans to build sponge iron plant

Shyam Steel plans to build sponge iron plant

Indian steel producer Shyam Steel reportedly plans to invest Rupees 1 billion ($22 million) to establish sponge iron plant in Durgapur with the purpose of meeting local demand. Moreover, the company plans to invest Rupees 500 million ($11 million) to establish a mini blast furnace. Shyam Steel produces longs with an annual production capacity of 200'000 tons. The company serves downstream industries such as construction, tube and pipe producers.