Shyam Metalics acquires Mittal Corp

Shyam Metalics and Energy Ltd, an integrated metal producer with headquarters in Kolkata, has announced the acquisition of Mittal Corp Ltd, a stainless steel, wire rod, and bar mill company with headquarters in Indore. With the acquisition, Shyam Metalics' capacity for stainless steel, wire rod, and bar milling increases to 150,000 tonnes annually. According to a statement from the corporation, it will invest 75,000 million over the course of five years to further diversify its metals industries. Capex is probably going to reach $100,000,000,000 within the next five years to fund its inorganic and organic growth objectives. By adding value-added long steel capacity of 2 mtpa from the current capacity of 1.47 mtpa, the company hopes to increase its annual steel capacity from 8.85 million tonnes to 14.45 million tonnes. Shyam Metalics has already committed $24 billion of its $39.5 billion two-year capital investment plan. Additionally, the new injection will enable it to increase its global reach and place large bets on export markets. It operates in more than 40 nations, and those markets account for 16% of its income. Since the beginning of our operations in 2005, we have a positive PAT (profit after tax). According to Brij Bhushan Agarwal, vice chairman and MD of Shyam Metalics and Energy, the present investments across portfolios will take us to the next level of diversification, business excellence, and increase domestic and worldwide footprint. The company will increase its capacities for pellets from 3.6 million tonnes (mt) to 6.0 mt, sponge from 2.10 mt to 2.90 mt, billet from 1.47 mt to 2 mt, and finished steel from 1.47 mt to 2 mt during the course of the next six months. Additionally, the corporation wants to enhance the capacity of its captive power plant from 267 megawatts (mw) to 357 mw.