JSW Steel on Wednesday said that its USA unit (JSW Steel USA) plans to invest USD 145 million in upgrading its manufacturing operations in Mingo Junction, Ohio, according to the company’s regulatory filing.
The move is aimed at meeting the demand for quality steel products “melted and manufactured in the US,” in alignment with President Biden Administration’s Buy America policies, it said.
“These new investments reiterate JSW’s commitment to a sustainable & green future. The operational upgrades being made at JSW Steel USA are a progresive step towards achieving our long term ESG goals,” said Parth Jindal, Director of JSW Steel USA.
Ohio Governor Mike DeWine said, “Choosing Ohio for this expansion brings good-paying jobs to Jefferson County while helping secure a stronger domestic supply chain for steel manufactured in the United States.”
According to Samir Kalra, CFO of JSW USA, these new projects will enable JSW Steel USA to serve its customers across several end-markets with steel products that are melted in the USA in a facility with low carbon emissions.
“The improvement in JSW Steel USA’s domestic slab production capabilities through these new investments will mitigate risks associated with importing slabs, improve profitability of the business and create employment opportunities in the US,” Kalra said.
