Shyam Metallics and Energy (SMEL) plans to double its production capacity which is currently at around 5.7mn mt, with an investment of around Rs28,940mn at its two units within the next three-four years. These expansions could take the steelmaker’s capacity to around 11.6mt by 2025.
Funded through internal accruals, about 70pc of the project expansion is predicted to come onstream by 2023.
The company produces iron pellets, sponge iron, steel billets, rebar, structural products, wire rods, and ferroalloys. It plans to foray into the production of pig iron, ductile iron pipes, and aluminium foil. The aluminum foil manufacturing cold rolling mill that was proposed is likely to have an annual capacity of around 40,000mt and is expected to be completed by the end of FY22.