JSW Steel Introduces JSW Magsure to Reduce Import Reliance on Coated Steel

On May 30, 2024, JSW Steel announced in an exchange filing that it is enhancing its product mix by introducing JSW Magsure. Through this indigenous ‘Made In India’ product, the company aims to reduce the country’s reliance on coated steel imports. JSW Steel becomes the first and only Indian steel company to produce and market a Zinc-Magnesium-Aluminium alloy coated steel product domestically. The company has patented the unique chemical composition of JSW Magsure.

JSW Magsure has substantial usage in applications in highly corrosive environments. Since 2020, the Indian Zinc-Magnesium-Aluminium alloy-coated steel market has grown more than 6x from approximately 15,000 metric tonnes to about 1,20,000 in FY24. The company stated that until now, the entire market demand was met through imports. In the current fiscal year, India’s need for Zinc-Magnesium-Aluminium alloy coated steel is expected to double to 2.5 lakh tonnes, with a market value of Rs 2,200 crores. This surge in demand will primarily be driven by the renewable energy sector.

Only a few global companies currently supply this specialised steel using patented technologies. India’s heavy reliance on imports of Zinc-Magnesium-Aluminium alloy-coated steel results in significant supply constraints. JSW Steel’s JSW Magsure aims to reduce these limitations by providing an indigenous Made in India product with the shortest delivery times. Improved availability is expected to boost demand for JSW Magsure within the domestic renewable energy sector and other related applications. Additionally, JSW Steel is exploring substantial export opportunities for JSW Magsure in Europe and the Middle East.

Currently, JSW Steel manufactures JSW Magsure along with other value-added products at its facilities in Maharashtra and Karnataka with a capacity of up to 0.9 million tonnes per annum. This galvanised steel is coated with an alloy of Zinc, Magnesium and Aluminium in a ratio that provides superior corrosion protection in unfavourable conditions. JSW Magsure can be used across several applications like steel structures in solar installations, guard rails, silos, AC parts and more.

Commenting on its significant development, the Joint Managing Director and CEO of JSW Steel, Mr Jayant Acharya, said, “JSW Steel is committed to being the forebearer of innovation in the Indian steel industry. We are optimising our coated products mix to service the nation’s requirements for Indigenous Made In India superior quality Zinc-Magnesium-Aluminium alloy coated steel. JSW Magsure will help us to capitalise on emerging opportunities in the Indian market while supporting the government’s 2030 renewable energy targets and Atma Nirbhar Bharat mission.”

The Business Head of JSW Steel Coated Products Limited, Mr Amarjit Singh Dahiya, said, “JSW Magsure is a technically advanced product with superior corrosion resistance properties with application across a wide variety of industries, particularly in highly corrosive environments. This unique Made in India opportunity gives us the confidence to further enrich our offering to customers. The demand for an Indigenous Made In India product is strong as indicated by the robust order book for JSW Magsure.”

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