Washington [US], May 3 : JSW Steel USA Ohio, a subsidiary of JSW Steel, announced its plans to invest USD 145 million in new projects to upgrade its manufacturing operations at Mingo Junction in Ohio. The subsidiary aims to meet the demand for quality steel products that are "melted and manufactured in the US".
The company said in a statement shared with stock exchanges that this was in alignment with President Joe Biden administration's 'Buy America' policies. The new investments were announced at the SelectUSA Investment Summit held in National Harbour MD.
Parth Jindal, Director of JSW Steel USA, said, "These new investments reiterate JSW's commitment to a sustainable and green future. The operational upgrades being made at JSW Steel USA are a progressive step towards achieving our long-term environmental, social and governance (ESG) goals."
JSW Steel USA Ohio said it employs over 750 employees in the US.
Parth Jindal went on to say that these investments and projects would help us in producing high-quality 'melted and manufactured in USA' steel products required by our customers in the infrastructure and renewable energy sectors.
"JSW Steel's continued investment in Mingo Junction demonstrates the company's confidence to grow its global footprint with talent from Ohio," said Ohio Governor Mike DeWine, adding, "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 USA in a facility with low carbon emissions."
Kalra said, "The improvement in JSW Steel USA's domestic slab production capabilities through these new investments will mitigate risks associated with importing slabs, improve the profitability of the business and create employment opportunities in the US."
According to Mike Panzeri, COO of Mingo Junction facility of JSW USA, "We look forward to the successful completion of these upgrades. It will provide JSW Steel USA additional momentum for growth while ensuring our commitment to sustainability in our markets. This will also be a significant step towards achieving our emissions goals. We appreciate the assistance of Jobs Ohio and the Jefferson County Port Authority in partnering with JSW on our continued expansion."
JSW Steel USA said it has long championed the Department of Energy's (DoE) emission reduction priorities and applauded its recent efforts to promote infrastructure that reduces the carbon footprint of the iron and steel industry through pivotal legislation such as the Inflation Reduction Act.
The proposed investments by JSW Steel USA will be deployed to establish various projects to upgrade its operations including the installation of one of the largest vacuum tank degasser (VTD) in the world and upgrade of supporting facilities including the manufacturing infrastructure.
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