India: Shyam Steel boosting rebar capacity to 0.5 mn t/year

Shyam Steel will invest INR 700 crore for brownfield expansion of its West Bengal plant, the company said on 23 Jul’21. The company aims at completing the expansion plan by FY’23. The project will help the rebar producer increase its TMT bar manufacturing capacity to 0.5 mn t from 0.2 mn t/year at present. It will also expand the group’s manufacturing capacity to 0.9 mn t by 2023. Shyam Steel is ramping up sponge iron, billet and rolling mill capacities by almost three times. Moreover, it is looking at options to participate in the bidding process for iron ore mines.