JSW Steel USA to Invest US$110 Million To Upgrade Baytown

On June 25, 2024, JSW Steel USA, a subsidiary of JSW Steel Ltd, a leading Indian steel company under the JSW Group valued at $24 billion, revealed plans to invest $110 million in upgrading their steel plate mill in Baytown, Texas. This investment aims to modernise their manufacturing facilities with advanced technology and equipment that promote sustainability.

The initiative is focused on producing high-quality steel plates needed for various applications, including supporting the U.S. government’s goal of expanding offshore wind energy.

By 2030, the U.S. will deploy 30 gigawatts of offshore wind power to supply clean energy to 10 million homes. The steel products resulting from these investments will meet Buy America requirements and cater to specialised uses such as hydrocarbon pipelines, offshore wind towers, pressure vessels, and platforms for offshore wind structures like monopiles.

These developments were announced during the 10th SelectUSA Investment Summit, held by the U.S. Department of Commerce in National Harbour, Maryland.

Commenting on the new investments, Mr Parth Jindal, Director of JSW Steel USA, said, “The new investments at our Baytown, Texas facility reinforce JSW USA’s commitment to a sustainable and green future. The new upgrades at our Plate Mill support the long-term ESG initiative of JSW USA and the Energy Spectrum’s decarbonisation in the United States of America. The new investments will enable us to deliver high-quality steel products progressively while further defining our niche markets through a Made in America speciality steel portfolio. These investments have the potential to significantly reduce U.S. import reliance in the infrastructure and renewable energy sectors.”

About JSW Steel

JSW Steel is the diverse primary business of JSW Group. The JSW Group is a prominent Indian conglomerate involved in various industries, including energy, infrastructure, defence, cement, real estate, paints, e-commerce, sports, green transportation, and venture capital. JSW Steel USA, Inc. operates as a subsidiary of JSW Steel. In the past 30 years, JSW Steel has expanded from a single manufacturing facility to emerge as India’s foremost integrated steel company, with a combined capacity of 29.7 million tonnes annually across India and the USA.

On June 25, 2024, the share price of JSW Steel Limited opened at ₹936.90, touching the day’s high at ₹940.00, as of 10:25 AM on the NSE.

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