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July 24, 2024
JSW Steel USA to Invest $110 Million in renewable energy
Business World

JSW Steel USA to Invest $110 Million in renewable energy

Jun 26, 2024

JSW Steel USA, a subsidiary of India’s JSW Group, has announced plans to invest $110 million in steel projects in Texas. This strategic investment aims to bolster the production of high-quality monopile steel plates, crucial for supporting the Joe Biden administration’s ambitious goal of deploying 30 gigawatts (GW) of offshore wind energy by 2030.

The investment underscores JSW Steel USA’s commitment to expanding its capabilities in the renewable energy sector, specifically targeting offshore wind projects. The new facilities will be geared towards manufacturing specialty steel products under the ‘Made in America’ banner, aligning with efforts to reduce US import reliance in infrastructure and renewable energy.

Parth Jindal, Director of JSW Steel USA, emphasized the significance of these investments in enhancing domestic manufacturing capabilities and supporting the burgeoning offshore wind market. He highlighted the potential for these initiatives to contribute significantly to local economies and job creation.

JSW Steel USA’s expansion in Texas follows a recent $145 million investment in its Mingo Junction facility in Ohio, reinforcing the company’s commitment to strengthening its foothold in the US market. The new projects are expected to be completed and operational by fiscal year 2026.

Congressman Brian Babin, representing Texas’s 36th district and Baytown, praised the investment, noting its positive impact on regional growth and economic opportunities. He highlighted Texas as an ideal location for such initiatives, emphasizing its conducive environment for business and innovation.

Atul Keshap, President of the US-India Business Council (USIBC), welcomed the investment as a testament to the growing partnership between the US and India. He expressed confidence that collaborations like these would foster mutual progress and innovation across sectors.

JSW Steel USA’s commitment to expanding its production capabilities in Texas not only supports the Biden administration’s renewable energy goals but also positions the company strategically in the competitive US market for specialty steel products.

For further updates and developments, stakeholders and industry observers are encouraged to monitor JSW Steel USA’s progress as it advances towards enhancing domestic manufacturing and supporting sustainable energy initiatives.

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