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JSW Steel USA secures toll conversion services to deliver high quality HRC products to customers in USA

Posted On: 2021-05-04 04:03:27 (Time Zone: UTC)


JSW Steel USA Ohio Inc, a subsidiary of JSW Steel Ltd (the flagship business of the US$ 12 billion JSW Group) has signed a long-term agreement with Allegheny TechnologiesInc. (NYSE: ATI) for the conversion of carbon steel slabs manufactured at JSW Steel USA's facility in Mingo Junction, OH into hot rolled coils at ATI's Hot Rolling and Processing Facility (HRPF) in Brackenridge, PA. As per the terms of the agreement, ATI is expected to hot-roll a significant percentage of carbon steel slabs produced by JSW Steel USA.

The agreement expands JSW Steel USA's ability to supply high quality hot rolled products required by its customers in the U.S thus enhancing its product portfolio. Securing access to ATI's HRPF - one of the world's most powerful hot-rolling mills - enables JSW Steel USA to produce materials that maintain high-strength at high temperatures. At the same time, ATI increases its capacity utilization of its highly automated HRPF in a capital-efficient manner that provides a reliable source of operating cash flow.

Commenting on the company's agreement with ATI, Parth Jindal, Director of JSW USA said, "JSW USA has been on a path of modernization for the last 24 months, from our plate mill in Baytown, TX to our EAF in Mingo Junction, OH our idea has been to provide the best in class "melted & manufactured" products (Slabs, HRC, Plate & Pipe) to our valued customers in the USA. Our agreement with ATI is further testimony to our vision of being a premium supplier of steel products in the market. Leveraging on ATI's superior capabilities we feel our carbon steel slabs have a great home. The geographical proximity and strategic nature of this long term partnership is truly a win - win for both organisations as well as a win for the broader market. I would like to thank the ATI team for their trust and confidence in JSW USA and am very excited to bring back steelmaking to the Mingo Junction area."

According to Mark Bush, CEO of JSW USA, "JSW Steel USA is pleased to enter into this agreement with ATI. This partnership with ATI allows us to supply the high-quality products required by our customers and is in line with our strategy of increasing the share of "melted and manufactured in the US" products in our product mix. The collaboration with ATI allows us to operate our electric arc furnace at the most optimal volumes and efficiency, lowering our conversion costs. This is in direct alignment of our long-term growth strategy and in support of our many valued customers. I would like to thank the JSW and ATI teams who pulled together to bring this alliance of two great companies and facilities to fruition."

"ATI is pleased to support JSW's resurgence into the U.S. hot rolled carbon market," said ATI Specialty Rolled Products' President Thomas P. DeLuca. "From shorter cycle times, to wider sizes, thinner gauges, and heavier coil weights, ATI delivers coil products with incredible efficiency. With best-in-class gauge and width capability, the tremendous capabilities of the ATI HRPF enable unprecedented control and tailoring of sheet and coiled plate, delivering sought-after physical attributes to meet specific performance requirements."

Shares of JSW STEEL LTD. was last trading in BSE at Rs.723.3 as compared to the previous close of Rs. 717.55. The total number of shares traded during the day was 739977 in over 10582 trades.

The stock hit an intraday high of Rs. 729.9 and intraday low of 710.7. The net turnover during the day was Rs. 533887327.


Source: Equity Bulls

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