JSW Steel to invest upto $500 mn in US-based manufacturing unit

Source: The Hitavada      Date: 23 Jun 2018 11:33:03


NEW DELHI,

(PTI),

JSW Steel on Friday said it would invest upto USD 500 million (about Rs 3,390 crore) to acquire, upgrade and enhance US-based integrated steel manufacturing unit Acero Junction Inc in phases. Acero Junction Inc, an integrated steel manufacturing unit with a potential capacity of 3 MTPA (million tonne per annum), is located in Ohio. The proposed investment will be made in two phases.

“This investment takes JSW’s overall investment blueprint for the US market, to produce American melt and manufactured steel, to up to USD 1 billion,” the company said in a regulatory filing. In phase 1, JSW will revamp and restart the electric arc furnace and the slab caster, and modernise the hot strip mill. The proposed investment, including the cost of acquisition, is expected to be approximately USD 250 million.

JSW Steel said that in phase 2, depending upon the economic viability and prevailing market conditions, it would evaluate possibility of adding another electric arc furnace.