JSW Steel USA, a subsidiary of JSW Steel has planned to invest $110 million in steel plate mill modernization projects with sustainable technology and equipments within its manufacturing facilities in Baytown, Texas.
This investment will enable the production of high-quality monopile steel plates to support the US Administrations new actions to expand offshore wind energy by deploying 30 gigawatts (GW) of offshore wind by 2030.The 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.
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 USAs service capacity towards its customers within the offshore wind market. These new projects, which further builds upon JSW USAs recent $145 million investment in its Mingo Junction facility to upgrade its clean steel manufacturing processes, are expected to be completed & commissioned by FY26.
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 long-lasting relationship between the U.S. and India in this critical industry.
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JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company.
JSW Steel reported 64.66% decline in consolidated net profit to Rs 1,332 crore on 1.48% fall in revenue from operations to Rs 46,269 in Q4 FY24 over Q4 FY23.
The scrip fell 0.63% to currently trade at Rs 928.80 on the BSE.
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