JSW Steel Ltd on Wednesday said its subsidiary, JSW Steel USA, is set to invest $145 million in a series of projects aimed at upgrading its manufacturing operations in Mingo Junction, Ohio.
The investment is in-line with US President Joe Biden's Buy America policies and supports the company's long-term Environmental, Social, and Governance (ESG) goals, the company said.
“These investments & projects will help us in producing high quality ‘melted and manufactured in USA’ steel products required by our customers in the infrastructure and renewable energy sectors," said Parth Jindal, director, JSW Steel USA.
Samir Kalra, the company's CFO, added that these investments will improve domestic slab production capabilities, mitigating import-related risks, boosting profitability, and creating employment opportunities in the US.
The planned investments include the installation of one of the world's largest Vacuum Tank Degassers (VTD) and upgrades to supporting facilities and manufacturing infrastructure. The VTD will help reduce carbon emissions and hydrogen content in steel products through electrification of metallurgical processes. Additionally, the upgrades will expand the company's "Made in USA" product portfolio and replace steel imports.
JSW Steel USA expects to complete and commission the projects by FY26 and continues to support the Department of Energy's (DOE) emission reduction priorities and recent legislation such as the Inflation Reduction Act.
