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