BHUBANESWAR: Sajjan Jindal-promoted JSW Steel Ltd has drawn up aggressive expansion plans and is ready to invest a total of $1 billion for the US market. This comes at a time when the global steel industry is grappling with import tariffs imposed by the Trump administration.
Initially, the steelmaker plans to pump in $250 million to revamp a steel manufacturing plant in Ohio, US. In the first phase, it plans to restart the electric arc furnace and modernise the hot strips mill, among other upgradations.
The investment might be scaled up by another $250 million later, depending on economic viability and the prevailing market situation.
In the second phase, it looks at evaluating the possibility of adding another electric arc furnace as well as an additional manufacturing equipment at the hot strip mill to make the Ohio facility a fully integrated unit with a potential capacity of three million tonnes per annum (MTPA).
“The proposed investment in Phase-2 could be in the range of up to $250 million, subject to feasibility studies and necessary approvals,” the company said in a statement.
If sources are to be believed, this project is expected to generate an estimated 300 permanent jobs in a town of just 3,400 people.
Separately, JSW has intended to make an investment of up to $500 million in March this year for expanding its operations in Baytown in Texas, US. This unit services the local energy, petrochemicals, defence and heavy equipment industries, said the company in the statement.
The steel major, which is constantly evaluating distressed assets in India and overseas, has an installed capacity of 18 MTPA. Through a series of capacity expansions at its existing facilities, setting up a new facility in Odisha and some potential acquisitions, JSW aims to hit 40 MTPA in India and 10 MTPA overseas by 2030.