Indian steelmaker Shyam Steel (SSL) plans to invest $80mn to expand its TMT rebar output to 900,000mt from 600,000mt per annum in the next 18-24 months.
Lalit Beriwal, Director, SSL noted in media reports on Monday that of the total investment the steelmaker will utilize around $27mn to expand its TMT bar mill’s capacity and $53mn on backward integration to ramp up sponge iron production and a captive power plant.
Apart from brownfield expansion, the company is also looking for stressed steelmaking assets in the East Indian states of Odisha and Jharkhand in a bid to expand production.