- 26 Jun 2024
- ICICIdirect Research
Company's US subsidiary to invest $110 million to upgrade manufacturing operations in Texas
JSWSTEEL - 932 Change: -11.65 (-1.24 %)News: JSW Steel has informed the exchanges that it will invest $110 million to modernise its steel plate mill in Baytown, Texas. This investment will enable the production of high-quality monopile steel plates to support the U.S. Administration’s initiative to expand offshore wind energy, aiming to deploy 30 gigawatts (GW) of offshore wind by 2030.
View: This proposed investment will enable the company to deliver high quality steel products to the niche market of renewable energy & infrastructure space. Subsequently, JSW USA will expand its Made in USA product portfolio by insourcing the production of America-made steel slabs from its production facilities at Mingo Junction, Ohio. We have a positive view on JSW Steel, considering it our top pick in the domestic steel space amidst its ambitious growth plans, superior product profile and healthy profitability guidance.
Impact: Positive