ALLOY STEEL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In October 2023, Shyam Metalics and Energy Ltd., an Indian steel company, acquired Mittal Corp. Limited for US$ 4.3 million (₹351 crore). This strategic acquisition allows Shyam Metalics to broaden its product offerings to include stainless steel and specialty products, enhancing its position in the steel industry. The move aligns with the company's growth strategy and ambition to establish itself as a leading player in India's steel market. Mittal Corp. Limited, based in India, specializes in manufacturing of stainless-steel products, including alloy steel.
• In August 2023, India-based Jindal Stainless Ltd. unveiled a specialized high-strength alloy steel grade, marking a breakthrough in domestic production. This advanced material, traditionally imported from global suppliers, is now being supplied to the Indian Space Research Organization (ISRO). Developed over three years using advanced refining processes, the new alloy highlights a major milestone in India's self-reliance in high-tech manufacturing.