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We have launched SEL Tiger TMT Rebar with Salman Khan as the brand ambassador, says Aneesh Mishra, Senior Vice President, Shyam Metalics and Energy

We have launched SEL Tiger TMT Rebar with Salman Khan as the brand ambassador, says Aneesh Mishra, Senior Vice President, Shyam Metalics and Energy

Your take on the Indian steel industry 
India holds a significant position in the global steel industry, excelling both in production and consumption. The nation’s robust infrastructure development and construction projects have positioned it as one of the most promising markets for steel products. The TMT steel bar market is poised for remarkable growth, with an estimated Compound Annual Growth Rate (CAGR) of 4.34% projected between 2022 and 2027. This growth is not merely nominal; it is expected to yield a substantial increase in market size, with projections indicating an increment of USD 84.39 billion. Several factors contribute to this impressive expansion of the TMT steel bar market, including the rising demand for steel, the advantages of TMT steel bars over other steel bars, and the burgeoning global construction industry.
 
How is the market for TMT bars shaping up in India? 
The TMT bar market is on an upward trajectory. We anticipate a 12% increase in steel consumption within the infrastructure sector by 2033, and this growth is likely to be facilitated by recycling policies that can help reduce steel prices. The demand is being fueled by various initiatives such as smart cities, industrial corridors, and affordable housing projects across states, making it a significant player in India’s construction landscape.
 
Which are the major sectors that are driving TMT bars’ industry growth post-pandemic?
In the post-pandemic scenario, several key sectors are playing a pivotal role in advancing the TMT bars industry in India. Notably, the resurgence of infrastructure development in areas like roads, railways, and metro connectivity is generating a substantial demand for steel. Furthermore, there has been a reinvigoration of projects in industrial parks, corridors, the dedicated freight corridor (DFC), water, oil, and gas transportation, as well as transmission tower projects. Affordable housing initiatives also significantly contribute to this growth. Internationally, India enjoys the benefits of low-cost labour and an abundance of iron ore resources, which position it as a global hub for steel production and export. This further enhances the prospects of the TMT bars industry.
 
What are the marketing strategies you have adopted to increase your market share? Any plan for celebrity endorsement? 
To expand our market share, we’ve implemented a comprehensive marketing strategy. One significant element of this strategy involves our collaboration with celebrity actor Salman Khan, a renowned figure in the entertainment industry. His endorsement adds credibility and appeal to our brand, extending our reach and influence. 
 
Which are the products you have launched in the last two years?
We have launched SEL Tiger TMT Rebar with Salman Khan as the brand ambassador and stainless steel. Also, the strategic decision to acquire Mittal Corp is consistent with our aim of extending our presence in the stainless steel, wire rod, and bar mill markets. We acquired Mittal Corp for Rs. 351 crores through its subsidiary, Shyam Sel and Power, on October 18, 2023. This strategic move marks SMEL's entry into the stainless-steel sector and extends its operations, reinforcing its position as a diversified steel and power conglomerate. The acquisition will expand SMEL's manufacturing operations in Madhya Pradesh by establishing two new facilities, Unit I and Unit II. Unit I, spanning 17 acres with an installed capacity of 1,00,000 TPA, will focus on producing stainless steel products, including stainless steel and mild steel billets. Unit II, with an installed capacity of 1,50,000 TPA, will specialize in manufacturing wire rods and bars of varying thickness, featuring advanced technology from Danieli Morgardshammar, Sweden/Italy.
 
How are you integrating sustainability into your products? 
Integrating sustainability into our products is a paramount commitment for us. To address our carbon footprint, we rigorously adhere to approved limits and standards. Our manufacturing processes are to ensure an eco-friendly environment around our plant.  
 
Which are the sectors you are looking at for maximum revenue in FY23-24? 
In FY23-24, our primary revenue focus centers on the retail sector. We are actively monitoring market trends and consumer behaviour, enabling us to adapt quickly. Our goal is to ensure that our retail initiatives are not only profitable but also sustainable in the long term.
 
How is the volatility in steel prices affecting the TMT bar industry in general and your business in particular?
The iron industry has historically been known for its price volatility, and we have consistently adapted to these changes. One key advantage we hold is our integrated business model. By managing the entire production process, from ore to the finished metal product, we can exercise more control over costs and price fluctuations. This integrated approach empowers us to navigate price fluctuations more effectively than businesses lacking integrated steel plants. In essence, while volatility remains a challenge in the steel industry, our integrated approach equips us to better manage these fluctuations,allowing us to maintain a competitive edge in the TMT bar industry. 
 
How is the unorganized nature of the TMT bar industry affecting your business?
The TMT bar industry in India is characterized by its unorganized nature, which brings both challenges and opportunities to our business. India’s vast market is home to numerous local and regional industry players catering to price-sensitive consumers. This diversity can pose difficulties for established players like us, often resulting in pricing pressures and competition from a plethora of smaller producers. Nonetheless, our integrated business model has proven highly effective in adapting to the ever-changing market dynamics and challenges. Through our oversight of the complete production process, we can maintain better control over costs and product quality. This strategic advantage positions us to compete not only in terms of price but also in terms of product excellence and reliability.
 
How are safeguarding your products against counterfeiting and overcoming challenges posed by the unorganized sector?
Ensuring the authenticity of our products and addressing the challenges posed by the unorganized sector are crucial components of our business strategy. A key strength we possess is our integrated steel plant, which grants us control over the entire production process, starting from the sourcing of raw materials to the manufacturing of finished goods. This level of control guarantees consistently high quality and authenticity across our product range, thereby presenting significant challenges for counterfeiters attempting to replicate our offerings.
 
Dealers and distributors are the vital link between manufacturers and the end-users for the success of the products. Please take us through your dealer’s network and the various education and retention schemes you conduct for them.
Indeed, when we emphasize the retail sector, maintaining a healthy and motivated distribution channel is paramount. The inclusion of schemes, recognition, and awards has become an integral part of our business strategy. These initiatives play a vital role in preserving the vibrancy and effectiveness of our retail channel.
 
Which are the markets your products are currently available in? What are your pan-India expansion plans? 
Our current market stronghold includes West Bengal, the Northeast states, Odisha, Andhra Pradesh, Telangana and Bihar. However, our strategic plan involves expanding our presence in new territories, specifically Maharashtra, Delhi, Chhattisgarh, Karnataka, Rajasthan and Uttar Pradesh. 
 
What are the growth plans for your organization for the next three years? Are there plans for Greenfield or Brownfield expansion or product launch in the offing? 
We are ensuring suitable mergers and acquisitions to expand on overall portfolio. Recently, we have ventured into the energy storage sector by producing battery-grade aluminum foil, a critical component in Lithium-ion cells. This move aligns with India's Aatmanirbhar Bharat initiative, aiming to bolster domestic contributions to the battery energy storage sector. Shyam Metalics, with a substantial annual production capacity of 20,000 tons of aluminum foil, positions India to secure a share of raw materials in the global Lithium-ion cell market, expected to reach 6500GWh/year capacity by 2030. 
 



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