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Overview

We are a leading integrated metal-producing company based in India. Our presence is mainly in West Bengal and Odisha with a focus on Long Steel Products and Ferro Alloys. We have a consistent track record of delivering operating profitability, and since the commencement of our operations in Fiscal 2005, we have delivered a positive EBITDA in each of the Fiscals.

As of March 31, 2023, we were one of the leading players in the steel Industry in West Bengal steel industry in Odisha in terms of pellet capacity and the fourth largest player in the Sponge Iron industry in terms of sponge iron industry capacity in India (Source: CRISIL Report). We operate seven manufacturing plants across India: three in West Bengal, and one each in Odisha, Indore, Kharagpur, and Jharkhand. As of March 31, 2024, our aggregate installed metal capacity is 13.50 MTPA, encompassing both intermediate and final products. Additionally, our manufacturing facilities are equipped with captive power plants, with a total installed capacity of 376 MW as of March 31, 2024. The Sambalpur plant serves customers in the Southern and Western regions of India, while the Jamuria and Mangalpur plants cater to clients in the Northern and Eastern regions.

We operate two integrated ‘Ore to Metal’ steel manufacturing plants: one in Sambalpur, Odisha, and one in Jamuria, West Bengal. These facilities include captive railway sidings, captive power plants, and production units for iron pellets, sponge iron, billets, TMT, wire rods, structural mills, and ferro alloys. Additionally, we have a manufacturing plant in Mangalpur, West Bengal, which features sponge iron production, ferro alloy plant, and a captive power plant.

Our integrated manufacturing plants are designed to be fungible, which shields us from price volatility and enables us to swiftly adapt to changing market conditions. This flexibility allows us to adjust our production and product offerings to align with evolving market demands and optimize our operating margins. We primarily produce long steel products, including iron pellets, sponge iron, steel billets, TMT, structural products, and ferro alloys, with a particular emphasis on high-margin products such as customized billets and specialized ferro alloys for specific steel applications.

Our TMT and structural products are sold under the brand “S-E-L Tiger”. We also undertake conversion of hot rolled coils to pipes, chrome ore to ferro chrome and manganese ore to silico manganese for an Indian steel conglomerate. We are in the process of further diversifying our product portfolio by entering into the segments of Pig Iron, Ductile Iron Pipes and Aluminium Foil.

We are in the process of adding fresh capacities to our manufacturing plants and captive power plants and diversifying into related segments. Post completion of these capacity expansions the aggregate installed metal capacity of our manufacturing plants and our captive power plants shall increase from 5.71 MTPA as of December 31, 2020 to 8.12 MTPA (comprising of intermediate and final products) and 227 MW to 357 MW respectively. Our product offerings cater to a mix of customers which consist of institutional customers and end consumers through our distribution network.

 

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Our Management

S

Sheetij Agarwal

Whole-time Director

Mr. Sheetij Agarwal is a whole-time Director of our Company. He has pursued Bachelor of Science in Business Administration from D’Amore Mckim School of Business, Northeastern University. He is also a key person in developing a strategic roadmap to augment Shyam Metalics’s position as a global trailblazer in the steel industry. He also offers his expertise on market intelligence, evaluative growth opportunities, capital investments, and brand alliances for Shyam Metalics. He is primarily responsible for the establishment of the company’s footprint in the domestic market and over 40 international markets.

D

Mahabir Prasad Agarwal

Chairman

Mahabir Prasad Agarwal is the non-executive Chairman of our Company. He has been a Director of our Company since April 6, 2018. He is the founder of, and has been a director of, our Subsidiary, SSPL, since its inception and is one of the initial shareholders of our Company. He is actively involved in the CSR activities of our Company and our Subsidiary, SSPL. He has over three decades of experience in the steel and ferro alloys industry.

V

Brij Bhushan Agarwal

Vice-chairman and Managing Director

Brij Bhushan Agarwal is the Vice Chairman and Managing Director of our Company. He has been a Director of our Company since its inception in December, 2002. He holds a bachelor’s degree in commerce from University of Calcutta. He is also the Vice Chairman and Managing Director of our Subsidiary, SSPL, and has been a director of SSPL since its inception. He has over three decades of experience in the steel and ferro alloys industry. He is primarily responsible for strategic planning, future expansion, business development, marketing, human resources and corporate affairs of our Company.

J

Sanjay Kumar Agarwal

Joint Managing Director

Sanjay Kumar Agarwal is the Joint Managing Director of our Company. He has been a Director of our Company since its inception in December, 2002. He holds a bachelor’s degree in commerce, with honours from the University of Calcutta. He has over 17 years of experience in the steel and ferro alloys industry. He is primarily responsible for the operations of our manufacturing plants at Sambalpur, Jamuria and Mangalpur, with focus on cost control, production efficiency and competitive procurement of raw materials.

D

Deepak Kumar Agarwal

Whole-time Director

Deepak Agarwal is a Whole-Time Director and the Chief Financial Officer of our Company. He has been a Director of our Company since July 14, 2014. He holds a bachelor’s degree in commerce, with honours, from University of Calcutta. He is also an associate member of the Institute of Company Secretaries of India. He has previously been associated with Shyam SEL and Power Limited since 2000 and has two decades of experience in the steel and ferro alloys industry. He is responsible for handling the finance, risk management and corporate affairs of our Company and its Subsidiaries.

b

Dev Kumar Tiwari

Director - Operations

Dev Kumar Tiwari is a whole-time Director of our Company. He has been a Director of our Company since April 10, 2009. He holds a bachelor’s degree in arts (honours) from Bihar University, Muzaffarpur. Prior to his appointment as Director, he was deputy general manager (mechanical) in our Subsidiary, SSPL for 7 years. He has over 23 years of experience in the steel and ferro alloys industry. He is responsible for project implementation and operations of our Sambalpur manufacturing plant.

M

Malay Kumar De

Additional Director

Malay Kumar De is an Independent Director of our Company. He has been a Director of our Company since July 27, 2023. He holds a masters’ in science degree in organic chemistry from University of North Bengal, Siliguri. He is a retired IAS officer and retired on September 30, 2019 from the post of Chief Secretary, West Bengal.

M

Shashi Kumar

Additional Director

Shashi Kumar is an Independent Director of our Company. He has been a Director of our Company since September 21, 2023. He holds a bachelor’s degree in science from Patna University and also holds a bachelor’s degree in science (honours) from Mining Engineering from Indian School of Mines, Dhanbad, Ranchi University. Prior to joining our Company, he was associates with Coal India Limited as chairman.

M

Chandra Shekhar Verma

Independent Director

Mr. Chandra Shekhar Verma was appointed as an Independent Director of our Company on 4th July, 2024. He is a Fellow Member of the Institute of Company Secretaries of India, a Fellow Member of the Institute of Cost & Works Accountants of India. He also holds a Bachelor’s degree in Law and Legislature and Master’s degree in Commerce and Business Administration. Mr. Verma served as the Chairman & Managing Director of Steel Authority of India Limited (SAIL) from June 2010 to June 2015. Under his leadership, SAIL achieved significant milestones including substantial capacity expansion, strategic partnerships, and international recognition. He also held additional charges such as CMD of National Mineral Development Corporation (NMDC) and Chairman of International Coal Ventures Limited (ICVL). Throughout his career, Mr. Verma has been recognized for his exceptional contributions to the industry, receiving prestigious awards such as the ‘CEO of the Year’ Platts Global Metals Awards and the IIM-JRD Tata Award for Excellence in Corporate Leadership in Metallurgical Industries.

Our Story

    1991

    New Beginnings

     

    Incorporation of Shyam SEL and Power Ltd. (SSPL).

    2002

    Mangalpur Plant

     

    Commercial production started at Sponge Iron plant, with 0.06 MTPA capacity

     

    (1)This plant is of Shyam SEL and Power Limited.

    2013

    Sambalpur Plant

     

    Commercial production started at Sponge Iron plant, with 0.3 MTPA capacity.

     

    Jamuria Plant

     

    Commercial production started at Iron Pellets, Billetes and Sponge Iron plant, with 0.59 MTPA capacity.

    Expanded capacity of Sponge Iron plant.

    2014

    Sambalpur Plant

     

    Boosted the capacity of Ferro Alloy products, and the Sponge Iron plant by 0.13 MTPA.

     

    Jamuria manufacturing plant

     

    Established Captive Railway Siding.

    2015

    Sambalpur Plant

     

    Captive railway siding operationalized

     

    Jamuria Plant

     

    Another Captive Power plant commissioned.

    Growth in capacity of Sponge Iron and Billets plant by 0.38 MTPA, and Ferro Alloys products by 9 MTPA

    2016

    Sambalpur Plant

     

    Increased aggregate capacity of Billets by 0.27 MTPA

     

    Jamuria Plant

     

    Boosted the capacity of Iron Pellets and Billets plant by 0.80 MTPA

    2017

     

    Sambalpur Plant

     

    Expanded capacity of Sponge Iron and Billets plant by 0.96 MTPA

    Annual capacity including all intermediate products reached 2.90 MTPA

    2019

     

    Sambalpur Plant

     

    Expanded capacity of Sponge Iron, Billets, TMT and Wire Rods by 1.81 MTPA.

     

    Jamuria Plant

     

    Increased capacity of Sponge Iron, Billets, Long products and Ferro Alloy products by 1.09 MTPA

    Expanded the capacity of Captive Power Plant by 94 MW

    2020

    Sambalpur Plant

     

    Boosted the capacity of Pellets by 1.2 MTPA.

    Expanded capacity of Captive Power Plant by 118 MW.

     

    Jamuria Plant

     

    Further improved the capacity of Pellets, Sponge Iron, Billets and Long Products by 2.64 MTPA

    Combined annual capacity of 5.71 MTPA reached.

    2021

    Growth

     

    Expanded capacity of TMT and Wire Rods further.

    Annual capacity, including all intermediate products, reached 5.71 MTPA

    Shyam Metalics Launched it’s IPO & got listed on both National Stock Exchange and Bombay Stock Exchange in June 20

    2022

    Aggregate implemented capacity post IPO launch is 8.12 MTPA.

    Launched S-E-L Tiger TMT Re-Bars

    Launched the SEL Tiger Grills N Steels range of Light Structural Steel solutions.

     

     

    New Product

     

    Aluminium Foil – 40,000 TPA

     

    Capacity Enhancement Plan

     

    Pellet: 12,00,000 TPA

    Sponge Iron: 7,16,100 TPA

    Billet: 52,800 TPA

    TMT, Structural, WRM, WDM: 2,04,000 TPA

    Captive Power Plant: 40 MW

    2023

     

    Aggregate Metal Capacity augmented to over 13 MTPA.

    Captive Power Plant augmented to 377 MW (incl. Solar 4 MW).

    Forayed into Coil TMT for Zero Wastage for customers.

     

    New Product

     

    Forayed into Stainless Steel Re-Bars under SSPL (MCL).

     

    Achievement & Certification

     

    Taken over Ramsarup Industries for in-organic growth.

    Successful FPO on both NSE/BSE.

    GPTW certified Organisation.

     

     

    2024

     

    Extension into Food Grade Aluminium Foils manufacturing.

    Foraying into Cold Rolling Mill for Colour Coated and Galvanised Sheets.

    Entry into Stainless Steel Wire Rods and Bright Bars manufacturing.

    Commissioned DRI Plant 1,50,000 TPA and 20MW Captive Power Plant at Ramsarup.

     

    Awards & Certification

     

    Two Star Export Award from Government of India.

    Green Pro Certified by CII-Green Products & Services Council.

     

    Capacity Enhancement Plan

     

    Ductile Iron Pipe: 2,00,000 TPA

    Food Grade Aluminium Foil: Approx. 0.018 MMTPA*

    Aluminium Flat Rolled Products: Approx. 0.06 MTPA**

    Galvanized Color Coated Sheets: Approx. 0.40 MTPA (in 2 phases)

    Bright Bars: Approx. 0.025 MTPA

     

    **Metric Tonnes per annum
    *Million Metric Tonnes per Annum

Note: • The assumptions and estimates taken specifically into account include the following: (1) sponge iron (direct reduced iron): capacity of each kiln in TPD X 330 days per year; (2) billet: capacity of each furnace in TPH X (24 hours per day/ heat cycle) X 330 days per year; 1 heat cycle = 3 hours; (3) ferro alloy products: furnace with 1 MVA capacity is equivalent to 1,555.56 TPA. The installed capacity of ferro alloy products may vary depending on the type of ferro alloy produced.

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