India's Shyam Metalics and Energy limited (SMEL) has completed construction of a 0.3 million tonne hot-rolled stainless steel coil plant at its existing plant at Sambhalpur in the eastern state of Odisha, the company said in a statement on Wednesday, January 28.
The company said the plant will specialize in the production of 200 series stainless steel hot-rolled coils and 400, using substandard raw materials such as direct reduced iron (DRI), electricity and ferroalloys in a reliable and efficient supply chain.
The company also announced expansion plans to build a 25,000 ton per annum stainless steel light ingot plant and an 18,000 ton per annum steel wire plant.
These The two projects are scheduled to begin operations around mid-2027, which will entail capital investments of approximately $687 million.
