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Shyam Metalics eyes $1 bn in revenue from stainless steel business

Company preps expansion plan after acquiring Mittal Corp.

Published

2 years ago

March 10, 2023

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Shyam Metalics and Energy expects to generate $1 billion in revenue from the stainless steel business after acquiring Mittal Corp via the corporate insolvency resolution process (CIRP).

Brij Bhushan Agarwal, vice chairman and managing director of Shyam Metalics, stated that Mittal Corp would invest Rs 2,000 crore in new products and value addition. He expects to generate $1 billion in revenue over the next five years.

By acquiring Mittal Corp., the company enters the special steel segment. Mittal Corp’s committee of creditors (CoC) approved the resolution plan last month, and a letter of intent was issued in the name of its subsidiary, Shyam Sel and Power. This was subject to confirmation from the National Company Law Tribunal (NCLT). The total cost of acquisition and upgradation is understood to be about Rs 450 crore.

Agarwal is placing a large bet on stainless steel, anticipating demand from the Indian Railways and infrastructure sectors. “We also see strong demand from the defence sector,” he added.

In stainless steel, the emphasis would not be on nickel-intensive products. “We would look at products where the nickel percentage is no more than 2-3%,” he said, adding that Shyam Metalics supplied the majority of the other key ingredients.

Shyam Metalics’ consolidated net sales were Rs 10,393.96 crore in FY22. The company’s product portfolio includes pellets, sponge iron, billets, and value-added end-products such as TMT bars, wire rods, and structural.

The product portfolio is being expanded as the company prepares to invest Rs 10,000 crore in the metals business over the next 5-6 years. Ductile iron, which is used in a wide range of industrial applications, and roofing sheets for buildings would be significant revenue streams in the future.

Shyam Metalics acquired Ramsarup Industries last year, and Agarwal stated that the company would invest approximately Rs 1,000 crore in capex there in the first phase. “We are rebuilding the plant and developing ductile iron business, which will be operational in 2025-2026,” he explained.

He also said that Rs 3,400-4,000 crore revenue was expected from roofing sheets in the next 3-4 years. Of the Rs 10,000 crore planned, about Rs 2,500 crore had already been invested.

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World’s First Book on Carbon Steel Sourcing Launched by Hero Steels CEO

Panckaj N Umrania’s book offers strategic insights into steel sourcing.

Published

2 weeks ago

February 27, 2025

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The global steel industry marked a milestone with the launch of “Mastering Carbon Steel Sourcing: From Domestic Suppliers to Global Partnerships,” the world’s first book on carbon steel sourcing. Authored by Panckaj N Umrania, Executive Director of KND Steel, the book was unveiled by Jitendra Sharma, ED & CEO of Hero Steels Ltd.

The event saw participation from industry leaders, policymakers, and representatives from JBM Group, Havells India, Philips Lighting India, Air India, and Northern Railways, underscoring its industry relevance.

Published by Academic Foundation India, the book serves as a guide for business leaders and sourcing professionals, covering supply chain optimisation, quality control, and cost management. It also highlights India’s growing role in global steel sourcing.

Speaking at the launch, Umrania stated, “This book addresses key sourcing challenges and provides practical solutions to help businesses enhance profitability.”

The event concluded with a panel discussion on the future of steel sourcing and supply chain innovation, reinforcing the book’s significance in transforming global sourcing strategies.

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Viva ACP Unveils Bricklyn: A Fusion of Tradition and Innovation

The new ACP series blends classic brick aesthetics with modern engineering.

Published

2 weeks ago

February 27, 2025

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Viva ACP, Asia’s largest aluminium composite panel (ACP) manufacturer, has launched Bricklyn, a new addition to its Santa Fe series. Inspired by the strength of traditional bricks and reimagined with contemporary design, Bricklyn merges heritage aesthetics with advanced technology.

The design draws from Brooklyn’s urban energy and the stacking ingenuity of Jenga, offering structural integrity, aesthetic appeal, and creative flexibility. Available in a range of muted and bold hues, the panels allow architects to craft dynamic, visually striking façades.

Engineered using Stucco Textures and Synchro Technology, Bricklyn ensures durability and resilience with a 15-year warranty, reinforcing Viva ACP’s commitment to quality.

“Bricklyn is more than a cladding solution; it’s a tribute to tradition and innovation,” the company stated, positioning the series as a benchmark for modern architectural design.

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HMPL Wins Rs 1 Billion Steel Contract in Maharashtra

The execution of the project is expected to be completed within six months.

Published

2 weeks ago

February 27, 2025

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Hazoor Multi Projects (HMPL) has been awarded a contract worth Rs 1.02 billion for steel-related works in Maharashtra. The order, issued by Venkatesh Infra Projects, involves reinforcement steel cutting, bending, fixing, and fabricating structural steel for a bridge under construction at the Versova-Bandra Sea Link project site in Mumbai. The execution of the project is expected to be completed within six months.

HMPL specializes in engineering, procurement, and construction (EPC) services, primarily focusing on renewable energy and infrastructure projects, including roads and bridges. The company has been actively expanding its presence in the infrastructure sector with a strong emphasis on large-scale projects.

In addition to this contract, HMPL is working on plans to establish a 500 MW solar power project in Andhra Pradesh. The proposed project entails an investment of Rs 25 billion, reflecting the company’s commitment to advancing renewable energy initiatives in India.

With a growing portfolio in both infrastructure and renewable energy, HMPL continues to strengthen its position in the industry, leveraging its expertise in EPC services to execute complex projects efficiently. The latest order further reinforces its role in contributing to major infrastructure developments in Maharashtra.

News source: The Hindu Businessline