New Delhi [India], May 30 : JSW Steel has come up with an indigenous product Magsure, which is a Zinc-Magnesium-Aluminium alloy coated steel. This special kind of steel has significant usage in applications in high corrosive environments.
Such steel finds its usage across several applications like steel structures in solar installations, silos, guard rails, AC parts, requiring higher level of protection against corrosion.
JSW Steel, India's leading steel company is part of the USD 24 billion JSW Group.
In a press release, the steelmaker said JSW Steel has become the first and only Indian steel company to manufacture and market a Zinc-Magnesium-Aluminium alloy coated steel product in the domestic market. JSW Steel said it has patented the unique chemical composition of Magsure.
It will be available in the market immediately, and is expected to India's reliance on coated steel imports.
Since 2020, the Indian market for Zinc-Magnesium-Aluminium alloy coated steel has grown more than 6x from approximately 15,000 tonnes to approximately 120,000 tonne in 2023-24.
So far the entire market requirement was serviced by imports.
During the current fiscal, India's requirement for Zinc-Magnesium-Aluminium alloy coated steel is expected to double to 2.5 lakh tonnes at a market value of Rs 2,200 crores, said JSW Steel, adding that the demand will be driven mainly by the renewable energy sector.
This special steel is supplied by a handful of global majors using patented technologies. India's heavy reliance on imports for Zinc-Magnesium-Aluminium alloy coated steel creates significant supply limitations.
It expects that improved availability will spur demand for JSW Magsure not only from the domestic renewable energy sector but also from other others.
Besides domestic market, JSW Steel is also exploring significant export opportunities for JSW Magsure in Europe and the Middle East.
"We are optimizing our coated products mix to service the nation's requirements for indigenous Made In India superior quality Zinc-Magnesium-Aluminium alloy coated steel," said Jayant Acharya, Joint Managing Director and CEO of JSW Steel.
JSW Steel currently manufactures Magsure along with other value added products at its facilities in Karnataka and Maharashtra with a capacity of up to 0.9 million tonnes per annum.
Amarjit Singh Dahiya, Business Head of JSW Steel Coated Products Limited, said "JSW Magsure is a technically advanced product with superior corrosion resistance properties with application across a wide variety of industries, particularly in highly corrosive environments. This unique Made in India opportunity gives us the confidence to further enrich our offering to customers."
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