Shyam Metalics eyes $1 bn in revenue from stainless steel business

Company preps up expansion plan after acquiring Mittal Corp through the insolvency process

Shyam Metalics and Energy eyes revenues of $1 billion from the stainless steel business after it acquired Mittal Corp through the corporate insolvency resolution process (CIRP).

Brij Bhushan Agarwal, vice chairman and managing director of Shyam Metalics, said that Mittal Corp would add Rs 2,000 crore and there were plans for new products in flat and value addition. In the next five years, revenues of $1 billion will be generated, he said.

The company is entering the special steel segment by acquiring Mittal Corp. Last month, the committee of creditors (CoC) of Mittal Corp approved the resolution plan and a