Construction Industry News
Shyam Metalics and Energy Ltd, an integrated metal fabricator headquartered in Kolkata announced the acquisition of Mittal Corp Ltd, a company in the production of stainless steel, wire rod and bar steel headquarters in India.
Acquisition increases Shyam Metalics' capacity for milling stainless steel, wire rod and bars up to 150,000 tons per year. According to a statement from the company, it will invest 75,000 million over five years to further diversify its metals industries. Capex is likely to reach $100,000,000,000 within the next five years to expand its inorganic and organic growth targets.
By adding a value-added long steel capacity of 2 mtpa to the current capacity of 1.47 mtpa, The company hopes to increase its annual steel capacity from 8.85 million tons to 14.45 million tons.
Shyam Metalics has already pledged $24 billion of its $39.5 billion capital investment over two years plan.
In addition, the new injection will allow it to increase its global reach and make big bets export markets. It operates in more than 40 countries, and those markets account for 16% of its business income.
Since the start of our activities in 2005, we have had a positive PAT (profit after tax). According to Brij Bhushan Agarwal, Vice Chairman and MD of Shyam Metalics and Energy, "the present investments in various portfolios will take us to the next level of diversification, business excellence and expand domestic and global footprint. The company will expand its pellet capacity from 3.6 million tons (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 tons to 2 tons over the next six months.
In addition, the company wants to increase the capacity of its in-house power plant from 267 megawatts (mw) up to 357 mw.
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