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

25 Jun, 2024 10:10 IST|Sakshi Post

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.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.

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