Shyam Metalics to Expand Steel Products Capacity
According to Shyam Metalics and Energy's CAPEX estimates for the financial year 2021-22, the total installed capacity for sponge iron products will expand by 20 Per cent. The company has acquired 'Consent to Operate' from the state Pollution Control Boards of Odisha and West Bengal, respectively. According to the firm, after the clearances, the total installed capacity for sponge iron products would expand by 20 Per cent, from 1.39 million tonnes per annum (MTPA) to 1.67 MTPA. The additional capacity will be operational in December 2021. The business also stated that it expects to secure similar approvals for the commissioning of an aluminium foil facility in West Bengal. In December 2021, the proposed installed capacity of 0.03 MTPA is expected to begin commercial operations. In addition, the West Bengal Pollution Control Board has granted the business a CTO for the planned capacity expansion at the Jamuria plant. The expansion will increase capacity by 0.25 million tonnes per year across all steel products. The combined capabilities of Sponge Iron, MS Billet, and Long Products are expected to increase by 7 Per cent, 6 Per cent, and 10 Per cent, respectively. The capacity expansion at our Sambalpur and Jamuria facilities comes at an appropriate moment as the steel sector continues to expand and demand for our product remains high, said Brij Bhushan Agarwal, vice chairman and MD of the company. We are committed to our expansion ambitions, having already invested Rs 464 crores from the entire budget of Rs 850 crores set aside for capital expenditure from internal accruals in the fiscal year 2022.
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