Shyam Steel commits nearly $110 million to set up 2 mnt integrated steel plant in Maharashtra

• Total investment pegged at over INR 10,000 crore
  
  
• Maharashtras steel capacity to reach 28 mnt by 2030
  
  

Shyam Steel Industries has secured an agreement with the Maharashtra government to establish a steel manufacturing facility in Chandrapur. The INR 10,115 crore ($109 million) initiative is expected to enhance regional industrial growth and create 8,000 jobs.

The proposed 2 mnt/year plant would be built in Chandrapurs Gondpipri area, well-known for its mineral riches but still expanding industrially. The steel plant will stimulate economic activity in the area and promote balanced regional growth.

The agreement was signed in the presence of Maharashtra Chief Minister Devendra Fadnavis, senior government officials, and Purshottam Beriwala, Chairman, Shyam Steel. This initiative is part of a bigger wave of investments in Maharashtra, with the government signing agreements worth over INR 1.75 lakh crore spanning clean energy, artificial intelligence, and manufacturing.

Shyam Steels mill will contribute significantly to the states steel production capacity. Recognised as the fourth largest steel producing state in the country, Maharashtras current steel production capacity is poised to jump from approximately 21 million tonnes (mnt) to 28 mnt by 2030, with investments in the pipeline promised by JSW, Shyam Steel and Lloyds Metals among others.

Shyam Steel is a leading TMT bar manufacturer in India with NABL accreditation from in-house laboratory. It specialises in DRI production, iron ore beneficiation and pelletisation, with a portfolio spanning rebar, wires, rails, etc. Its total capacity is pegged at around 1.95 mnt. Another plant with an EAF, IF and DRI units has started operations in Ragunathpur, West Bengal.