Decision to triple output at its Texas plant and acquisition of another facility in Ohio has taken the total planned investment in the US to $1 billion
The steel maker is betting on vibrant growth underpinning demand in markets overseas, complementing growth in the domestic market which has seen the company ramp up local production, the report suggests.
Earlier this year, the Mumbai-based steel maker had announced its decision to triple the output at its Texas plant in US. The company also acquired another facility in Ohio, taking total planned investment in the US to $1 billion, the report adds.
Having met half its target for 10 million tonnes of overseas capacity, JSW Steel is now keen on buying more facilities, Joint Managing Director Seshagiri Rao told Bloomberg in an interview.
On behalf of @POTUS and myself, congratulations to @weastec & @jswsteel on your investments made in the great state of Ohio. The President shares my excitement in seeing your companies grow through the innovative work of economic development teams such as @JobsOhio. pic.twitter.com/0sBC3Vayzp
— Sec. Wilbur Ross (@SecretaryRoss) June 21, 2018
In an attempt to restrict the inflow of cheap foreign supplies, the Donald Trump administration has imposed a 25 percent tariff on imported. The tariffs could help trigger reopening of some steel plants in the US.JSW Steel’s decision to acquire a facility in the state of Ohio, was also lauded by US Commerce Secretary Wilbur Ross.