JSW Steel announced its proposal to invest $500 million to acquire and upgrade Acero Junction Inc. of Mingo Junction, Ohio, an integrated steel manufacturing plant with a potential annual capacity of 3 million tons. India’s JSW Steel says the investment will be made in two phases, the first of which will be to recondition and restart the electric-arc furnace (EAF) and slab caster and modernize the hot-strip mill. The second phase will depend on economic conditions, but it could include the addition of another EAF and other assets.
“JSW is pleased to share its intention for additional investments in the U.S. market,” said Parth Jindal, director of JSW Steel USA. “It is our fundamental belief that due to the rich availability of scrap metal and abundance of natural gas, making steel through the EAF route is highly competitive in the United States from a global standpoint.”