 "The reliefs and concessions sought by JSW were part of the committee of creditors approved resolution plan")
JSW Steel USA Ohio Inc, an offshore arm of homegrown JSW Steel, will invest USD 145 million to upgrade its manufacturing operations at Mingo Junction, in Ohio.
On the objective behind the move, JSW Steel USA Ohio said it aims to meet the demand for quality steel products that are melted and manufactured in the US.
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"JSW Steel USA to invest USD 145 million in new projects to upgrade its manufacturing operations in Mingo Junction, Ohio. This is in alignment with President (Joe) Biden Administration's Buy America policies," the company said in a statement.
Parth Jindal, Director of JSW Steel USA said, these new investments reiterate JSW's commitment to a sustainable and green future. The operational upgrades being made in the US are a progressive step towards achieving the company's long-term Environmental, Social and Governance (ESG) goals.
"These investments & projects will help us in producing high quality 'melted and manufactured in USA' steel products required by our customers in the infrastructure and renewable energy sectors," he said.
Samir Kalra, CFO of JSW USA, said the improvement in JSW Steel USA's domestic slab production capabilities through these new investments will mitigate risks associated with importing slabs, improve profitability of the business and create employment opportunities in the US.
The proposed investments include various projects to upgrade its operations including the installation of one of the largest Vacuum Tank Degasser (VTD) in the world and upgrade of supporting facilities including the manufacturing infrastructure.
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The VTD has substantially lower carbon emissions profile compared to a traditional steam ejector vacuum technology. It will help JSW Steel USA to reduce hydrogen content in its steel products through electrification of metallurgical processes.
As part of this investment plan, JSW Steel USA is also implementing Dynamic Soft Reduction (DSR) technology in its casting operations.
These new projects are expected to be completed & commissioned in FY26.
JSW Steel USA Ohio, Inc has over 750 employees in the US.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
