Donald Trump welcomes JSW Steel's proposed $1 billion investment in Texas and Ohio mills

Donald Trump has welcomed the JSW Steel's proposed $1 billion investment in its Texas and Ohio steel mills, the company said

Press Trust of India June 25, 2018 11:29:14 IST
Donald Trump welcomes JSW Steel's proposed $1 billion investment in Texas and Ohio mills

Mumbai: Donald Trump has welcomed the JSW Steel's proposed $1 billion investment in its Texas and Ohio steel mills, the company said quoting a tweet by the American president. "Steel is coming back fast. US steel adding great capacity also. So are others," JSW Steel said in a statement on Sunday quoting Trump as saying in a tweet.

The company also said US commerce secretary Wilbur Ross too welcomed the investment. "Congratulations to JSW Steel on your investments made in Ohio," it said quoting a tweet by Ross.

JSW Steel had earlier announced a $1 billion investment to modernise its two manufacturing facilities in Texas and Ohio.

Donald Trump welcomes JSW Steels proposed 1 billion investment in Texas and Ohio mills

File image of US president Donald Trump. AP

Last week, the company had said would invest $500 million to modernise its Ohio facility which it recently acquired as part of the Acero transaction. Earlier this year, the company had announced $500 million capex to modernise its Texas facility.

Welcoming the statement from Trump, JSW Steel USA director Parth Jindal said, "We are pleased to share our intention for additional investments in the US. It's our intention to further augment our capacity in Acero Junction over the next few years and to take the combined capacity of JSW USA to 4 mt per annum--3 mt at Acero and 1 mt at Baytown in Texas."

The Ohio investment will be used to upgrade and enhance Acero's integrated manufacturing unit. In the first phase entailing $250 million capex, JSW will revamp and restart the electric arc furnace and the slab caster, and modernise the hot strip mill.

Subsequent phases will also entail an investment of $250 million that will see adding another electric arc furnace as well as other manufacturing facilities at the hot strip mill to make the facility a fully integrated unit with 3 mt capacity, JSW Steel said.

It's also investing $500 million to expand and modernise its operations at the Baytown facility, which already is one of the widest steel plate and pipe mills in the US.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

US imposes sanctions on China’s major paramilitary organisation over rights abuses in Xinjiang
World

US imposes sanctions on China’s major paramilitary organisation over rights abuses in Xinjiang

The sanctions freeze any assets the targets may have in US jurisdictions and bar Americans from doing business with them

US election will end on 3 November, but the legal battle could continue for weeks afterwards
World

US election will end on 3 November, but the legal battle could continue for weeks afterwards

The possibility of an ugly November has emerged more starkly as the US president complains that the election will be rigged and Democrats accuse him of trying to make that a self-fulfilling prophecy

Donald Trump calls for delaying US election, says increased mail-in voting will result in fraud
World

Donald Trump calls for delaying US election, says increased mail-in voting will result in fraud

There is no evidence, however, of widespread voter fraud through mail-in voting, even in states with all-mail votes.