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As part of the memorandum, Texas governor has also approved a grant worth $3.4 million from the Texas Enterprise Fund to JSW Steel (USA) Inc. Photo: Reuters
As part of the memorandum, Texas governor has also approved a grant worth $3.4 million from the Texas Enterprise Fund to JSW Steel (USA) Inc. Photo: Reuters

JSW Steel to set up facility in Texas with $500 million investment

JSW Steel to invest up to $500 million to expand its operations in Texas as part of a memorandum of cooperation between its US unit and the Texas governor's office

Mumbai: JSW Steel Ltd said on Monday its US unit would invest up to $500 million to expand its Texas operations, as part of a Memorandum of Cooperation signed with the Texas Governor’s office.

The governor has also approved a grant worth $3.4 million from the Texas Enterprise Fund to JSW Steel (USA) Inc, the steelmaker said in a statement.

The capex plan, which will be completed by March 2020, includes setting up a melt manufacture contiguous plate and pipe facility in Texas, JSW said.

The investment comes at a time of rising concerns about an escalating trade war between US and other countries over tariffs.

Trade minister Suresh Prabhu said last week the country will bilaterally discuss import curbs on steel with US after President Donald Trump had pressed ahead with import tariffs on steel and aluminium products.

At 12.16pm, JSW Steel shares rose 1.12% to Rs289.10 on BSE, while the Sensex was up 0.11% at 32,632.94 points.

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