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Covid-19 pandemic speeds up JSW Steel's US business revamp plan

JSW Steel outlined plans two years ago to invest $1 billion in the US to expand its global footprint

steel, exports
The company will spend this year “in structurally fixing” its facilities as the pandemic has resulted in the “lowest spread US steel prices have seen in the last decade,” according to Parth Jindal, director of the US operations

The Covid-19 pandemic is accelerating India’s most valuable steelmaker’s plans to overhaul its loss-making US operations. JSW Steel outlined plans two years ago to invest $1 billion in the US to expand its global footprint. That plan was curtailed by an economic downturn and import tariffs imposed by US President Donald Trump, with the situation worsening with the virus outbreak. The company will spend this year “in structurally fixing” its facilities as the pandemic has resulted in the “lowest spread US steel prices have seen in the last ...