JSW Steel to invest $500m in U.S. mill

Gregory Abbott with Parth Jindal in Mumbai on Monday. PTI

Gregory Abbott with Parth Jindal in Mumbai on Monday. PTI

The capex plan, which will be completed by March 2020, includes setting up a melt manufacture contiguous plate and pipe facility in Texas, JSW said.

John Hritz, the CEO, said during an exclusive interview with FOX Business' Liz Claman on "Countdown to the Closing Bell" that the new capacity was planned long before President Donald Trump imposed tariffs of 25% on imported steel and 15% on aluminum.

India's JSW Steel Ltd said on Monday it would spend $500 million to build out its US operations in Texas, amid heightened global trade tensions following U.S President Donald Trump's decision to pursue steep import tariffs.

The company will use $150 million of the funds to improve and modernize its plant in Baytown, Texas, while the rest will fund a new facility, it said.

JSW USA has signed a memorandum of cooperation with the Officer of Governor, Texas USA, to develop the steel industry in Texas. Around 500 new jobs are expected to be generated by this expansion. Made in Texas is a powerful label, and I thank JSW for investing in our great state.

"The Memorandum signed by Greg Abbott and JSW USA is part of our long term strategy to enhance our US footprint", said Mr. Parth Jindal of JSW Group.

The company now has plates and pipes in the facility, which was acquired in 2007. "It reiterates our commitment to stay invested and grow in the US market". It also provides JSW with an opportunity to participate in USA's infrastructure development and job creation priorities. Access to natural gas at extremely economical prices and the abundant availability of scrap steel in Texas make conditions very conducive for manufacturing through the Electric Arc Furnace route.

Parth Jindal of Mumbai-based parent company JSW Group, said that the investment reiterates their commitment to stay invested and grow in the U.S. market.

"From India alone, we have been importing 1.5 lakh tonne of raw steel plates". Known for its penchant for acquiring stressed assets and then turning them around, these were however, not one of JSW's better acquisitions.

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