JSW Steel USA to invest US$110 million to upgrade Baytown, TX manufacturing operations

JSW Steel USA, Inc. a subsidiary of JSW Steel Ltd. (India's leading steel company and the flagship business of US $24 billion JSW Group), with over 800 employees in the United States, plans to invest US $110 million in steel plate mill modernization projects with sustainable technology and state of the art equipments within its manufacturing facilities in Baytown, Texas. These investments will enable the production of high-quality monopile steel plates to support the U.S. Administration's new actions to expand offshore wind energy by deploying 30 gigawatts (GW) of offshore wind by 2030, enough to power 10 million homes with clean energy. Steel products made through this investment are aligned with Buy America requirements for niche grades and sophisticated applications such as hydrocarbon pipelines, offshore wind towers, offshore wind platforms, high-density pressure vessels, monopile steel slabs and platforms for offshore wind towers. These new investments were announced at the 10th SelectUSA Investment Summit hosted 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 support decarbonization of the Energy Spectrum in the United States of America. The new investments will enable us to progressively deliver high quality steel products while further defining our niche markets through a Made in America specialty steel portfolio. These investments have the potential to significantly reduce U.S. import reliance in the infrastructure and renewable energy sectors."

According to Mr. Rob Simon, CEO of JSW Steel USA said, "JSW's continued investment in its Baytown facility and enduring partnership with the state of Texas reflects the company's ethos of 'Better Everyday.' By supplying the critical high-grade steel products for U.S. offshore wind deployment, JSW is committed to a cleaner, greener, and better tomorrow. I am proud to announce this investment, as a reflection of the longlasting relationship between the U.S. and India in this critical industry."

Congressman Brian Babin, representing the 36th district of Texas and the city of Baytown commented, "I'm thrilled about JSW's newest investment in Southeast Texas. Without a doubt, the Lone Star State is the best place to live, work, and raise a family - and continued investment will ensure future growth and economic opportunities for the entire region. I'm proud to represent JSW and am excited for what is in store."

Ambassador Atul Keshap, President of the U.S.-India Business Council remarked, "JSW Steel's investment and focus on sustainability and next-generation energy production is an impressive example of private sector-led development and critical infrastructure creation. The state of Texas' probusiness environment is a model for growth across the country, and I commend JSW Steel's commitment to prosperity in both our great nations. Through initiatives like this, the United States and India will continue to see convergence based on trust, partnership, and mutual progress."

JSW Steel USA has long championed the Department of Energy's (DOE) emission reduction priorities and applauds the U.S.Administration's recent efforts to champion investments that promote industrial decarbonization across the iron & steel industry. Through these proposed investments, JSW USA will enhance its domestic manufacturing capabilities for end-use within the renewable energy & infrastructure sectors. In doing so, JSW USA will expand its "Made In USA" product portfolio by insourcing the production of American-made steel slabs from its production facilities at Mingo Junction, Ohio.

This portfolio expansion will also support the expanded development of the domestic renewable energy market by increasing JSW USA's service capacity towards its customers within the offshore wind market. These new projects, which further builds upon JSW USA's recent US$145 million investment in its Mingo Junction facility to upgrade its "clean steel" manufacturing processes, are expected to be completed & commissioned by FY26.

Shares of JSW Steel Limited was last trading in BSE at Rs. 929.95 as compared to the previous close of Rs. 934.65. The total number of shares traded during the day was 30604 in over 1628 trades.

The stock hit an intraday high of Rs. 938.55 and intraday low of 928.10. The net turnover during the day was Rs. 28509873.00.

Source : Equity Bulls

Keywords

JSWSteel INE019A01038 JSWSteelUSA Investment Baytown Texas