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

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

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.

Also Read
Dharwad to get Rs 50 billion development push by PM Narendra Modi
Power ministry group recommends real-time grid monitoring

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. Also Read Dharwad to get Rs 50 billion development push by PM Narendra Modi Power ministry group recommends real-time grid monitoring

Next Story
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?