JSW Steel, a key player in the steel industry under the $24-billion JSW Group, announced plans on Tuesday to invest $110 million in upgrading its subsidiary JSW Steel USA’s manufacturing facility in Baytown, Texas. This initiative aims to enhance production capabilities for high-quality monopile steel plates, critical for the expanding offshore wind energy sector in the United States, which targets deploying 30 gigawatts (GW) by 2030.
In a statement, JSW highlighted its commitment to sustainable technology and advanced equipment at the Baytown facility, aligning with the US government’s renewable energy goals. Parth Jindal, Director of JSW Steel USA, emphasized that these investments support long-term Environmental, Social, and Governance (ESG) initiatives, aiming to reduce US import reliance in infrastructure and renewable energy sectors.
The subsidiary also plans to bolster its domestic manufacturing capabilities, particularly for renewable energy and infrastructure sectors, thus expanding its “Made In USA” product portfolio. This includes insourcing steel slab production from its Mingo Junction, Ohio facilities to meet niche grade requirements and sophisticated applications such as offshore wind towers and high-density pressure vessels.
JSW Steel USA’s recent $145 million investment in clean steel manufacturing at its Mingo Junction site, slated for completion by FY26, complements these efforts. Rob Simon, CEO of JSW Steel USA, highlighted the strategic importance of this investment in reinforcing bilateral ties between the US and India in the steel industry.
During the fourth quarter of fiscal year 2024, JSW Steel USA’s Texas mill produced 116,105 net tonnes of plates and 8,825 net tonnes of pipes, with sales volumes reaching 100,668 net tonnes of plates and 8,245 net tonnes of pipes. The mill reported an EBITDA of $23.7 million, despite operating at 49% and 6% capacity utilization for plates and pipes, respectively.
Meanwhile, JSW Steel, the parent company based in India, reported a 64.54% year-on-year decline in net profit to ₹1,299 crore during Q4FY24, alongside a 1.5% decrease in consolidated revenue from operations to ₹46,269 crore.
On the National Stock Exchange (NSE), JSW Steel’s shares traded down 0.5% at ₹930.70 around noon on Tuesday.
