SME Times is powered by   
Search News
Just in:   • Tariff war: Now China hits back US  • HC rejects plea seeking formula of petrol pricing  • Provide relaxations to MSMEs on data protection laws: Study  • Maharashtra seeks Rs 50,000-cr for Mumbai development  • Not filed for consent settlement with SEBI: ICICI Bank 
Last updated: 23 Jun, 2018  

JSW.9.Thmb.jpg JSW Steel proposes to invest $500 mn in US-based steel plant

JSW.9.jpg
   Top Stories
» Provide relaxations to MSMEs on data protection laws: Study
» Modi to lay foundation stone of Delhi Convention centre
» 'Adopt ocean-centric approach to tap cross-border opportunities'
» Banks merger a positive move: FICCI chief
» Encourage greater value addition for MSMEs, Prabhu to G20
SME Times News Bureau | 23 Jun, 2018
JSW Steel on Friday said it has proposed an investment of up to $500 million to acquire and upgrade Acero Junction Inc, a US-based integrated steel manufacturing plant.

The proposed investment would be made in two phases and would increase the company's overall investment blueprint for the US market for production of American melt and manufactured steel to up to $1 billion, JSW Steel said in a regulatory filing to the BSE.

"JSW Steel has proposed an investment of up to $500 million in acquiring, enhancing and upgrading Acero Junction Inc, an integrated steel manufacturing unit with a potential capacity of three MTPA (Million Tonnes Per Annum), located at Ohio, US, in phases," the company said.

In Phase I, the company would revamp and restart the electric arc furnace and the slab caster, and modernise the hot strip mill, it said, adding that the proposed investment, including the cost of acquisition, is expected to be approximately $250 million.

Depending upon the economic viability and market conditions, in Phase II, JSW Steel would "evaluate the possibility of adding another electric arc furnace as well as additional manufacturing equipment at the hot strip mill to make the Ohio facility a fully integrated unit with three MTPA capacity", with investment of up to $250 million, as per the statement.

"The integrated steel manufacturing unit in Ohio, with a potential capacity of three MTPA, was acquired as part of the recently concluded Acero Junction Holdings Inc deal," it added.

In March this year, JSW Steel entered into an agreement to acquire 100 per cent shareholding in US-based company.




 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 20 Sep, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(4)
» A GeM of opportunity(3)
» Collateral free loans available for MSMEs: Minister(1)
» GeM mission launched to promote MSMEs, start-ups: Prabhu(1)
» 'Skills university' AISECT sets up campus in Jharkhand(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter