JSW Steel USA to invest $110 million to expand renewable energy biz

by IANS |

Mumbai, June 25 (IANS) JSW Steel USA, a subsidiary of India’s leading steel company, on Tuesday said it plans to invest $110 million in steel projects in the state of Texas.

The company said this investment will enable the production of high-quality monopile steel plates to support the Joe Biden administration’s new actions to expand offshore wind energy by deploying 30 gigawatts (GW) of offshore wind by 2030, enough to power 10 million homes with clean energy.

JSW Steel USA is part of the $24 billion JSW Group, with over 800 employees.

“The new investments will enable us to progressively deliver high-quality steel products while further defining our niche markets through a ‘Made in America’ speciality steel portfolio,” said Parth Jindal, Director of JSW Steel USA.

“These investments have the potential to significantly reduce US import reliance in the infrastructure and renewable energy sectors,” he added.

This portfolio expansion will also support the expanded development of the domestic renewable energy market by increasing JSW USA’s service capacity towards its customers within the offshore wind market.

These new projects, which further build upon JSW USA’s recent $145 million investment in its Mingo Junction facility (Ohio), are expected to be completed and commissioned by FY26.

“Without a doubt, the ‘Lone Star State’ is the best place to live, work and raise a family -- and continued investment will ensure future growth and economic opportunities for the entire region. I’m proud to represent JSW and am excited for what is in store,” said Congressman Brian Babin, representing the 36th district of Texas and the city of Baytown.

Atul Keshap, President of the US-India Business Council (USIBC), said through initiatives like this, the US and India will continue to see convergence based on trust, partnership and mutual progress.

Latest News
What BHU students expect from Budget 2024: Funding for research, hostel, job opportunities Mon, Jul 22, 2024, 05:01 PM
Mizoram's Aizawl to become 4th state capital in NE to have rail link by next year Mon, Jul 22, 2024, 04:55 PM
Don't share video circulated by terrorists: J&K Police warns public Mon, Jul 22, 2024, 04:52 PM
Major allocations likely for six guarantees in Telangana's full budget Mon, Jul 22, 2024, 04:50 PM
Root is so special that he could eventually overtake Sachin: Vaughan Mon, Jul 22, 2024, 04:48 PM
HM Amit Shah's verbal assault on Pawar-Thackeray evoke strong reactions from MVA, NCP Mon, Jul 22, 2024, 04:46 PM
Odisha Assembly session: Oppn stages walkout during Governor's address Mon, Jul 22, 2024, 04:44 PM
14 Palestinians killed in Israeli attacks in Khan Younis: Health authorities Mon, Jul 22, 2024, 04:43 PM
No special status to Bihar, reiterates Centre in Lok Sabha; RJD takes 'toy' jibe Mon, Jul 22, 2024, 04:37 PM
AI, machine learning job roles see 433 pc rise since 2022: Study Mon, Jul 22, 2024, 04:34 PM
Typhoon Prapiroon brings rainstorms, strong gusts to China Mon, Jul 22, 2024, 04:33 PM
14-hour work day: CM canít take decisions unilaterally, says BJP Mon, Jul 22, 2024, 04:21 PM
Farmer's insult case: Karnataka govt to issue guidelines to malls, establishments Mon, Jul 22, 2024, 04:06 PM
Cambodian FM to attend ASEAN meeting in Laos Mon, Jul 22, 2024, 04:02 PM
Igor Stimac pens note to new India head coach Marquez says, 'journey won't be easy' Mon, Jul 22, 2024, 04:00 PM