JSW Steel to pump in USD 150 mn in first tranche to set up Texas plant
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.