JSW Steel to pump in USD 150 mn in first tranche to set up Texas plant
New Delhi: Sajjan Jindal-led JSW Steel Sunday said it will pump in USD 150 million (approximately Rs 1,000 crore) in the first tranche to set up its new steel facility in Texas, US.
This is part of the USD 500 million investment commitment made by the company for the steel pipes and plates facility in Texas in March this year.
"JSW Steel will invest USD 150 million (approximately Rs 1,000 crore) in the new (steel) facility at Baytown, Texas," the company said.
JSW Steel (USA) Inc is setting up the technologically advanced and eco-friendly electric arc furnace, slab caster and plate mill.
"The new facility is expected to be the only melt-and-manufacture plate mill with a contiguous pipe mill in North America," the company said.
The plant will be built on 111 acres at JSW USA's 700-acre Baytown campus.
"The company is embarking on a journey to create 1,000 new jobs in the USA. This follows JSW's announcements to invest up to USD 1 billion dollars in enhancing its steel manufacturing capabilities in the USA," it said.
The plant is expected to be completed by March 2020.
"We are proud and excited to be building this fully integrated plate and pipe mill in Texas, enabling this unit to be considered a US melt-and-manufacture facility," Parth Jindal, Director, JSW USA said.
In March, JSW Steel (USA) Inc and the Office of Governor, Texas, signed a Memorandum of Cooperation to develop and augment the steel industry in the state.
According to the memorandum, JSW Steel (USA) Inc agreed to consider an investment of up to USD 500 million in phases (subject to EPA approval) to develop its steel manufacturing infrastructure in Texas.
Later in June, JSW Steel proposed another investment of up to USD 500 million in acquiring, enhancing and upgrading Acero Junction Inc, an integrated steel manufacturing unit with a potential capacity of three million tonnes per annum (MTPA) located in Ohio, US, in phases.
"This 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 added.