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Post-poll pickup in capex will drive steel demand: JSW Steel CEO

Money Control

Money Control · 1y ago

Post-poll pickup in capex will drive steel demand: JSW Steel CEO

JSW Steel, a steel manufacturing company in India, predicts a strong domestic demand for steel after the elections. JSW Steel plans to spend INR 20,000 crore to increase its capacity to 50 million tonnes by 2031. The company expects to finance this expansion through internal cash generation and has no plans for an equity issue. Despite a decline in net profit in Q4 due to higher coking coal prices and weaker steel prices, JSW Steel remains optimistic, as it expects a correction in raw material prices and anticipates strong steel demand in India.

Related News

JSW Steel earmarks Rs 20,000 crore capex for FY25

Money Control

Money Control · 1y ago

JSW Steel earmarks Rs 20,000 crore capex for FY25

Indian steelmaker JSW Steel is planning to invest INR 20,000 crore ($2.7 billion) in the fiscal year 2024-25 as part of its goal to increase its capacity to 50 million tonnes by 2031. The company had originally set a capex target of INR 20,000 crore for FY24, but revised it to INR 18,000 crore due to timing issues. The remaining capex will be carried forward to the next financial year. JSW Steel expects to spend INR 23,000 crore in FY26 and INR 21,434 crore in FY27.

India's JSW Steel appoints Robert Simon as CEO of JSW USA

IndianStartupNews

IndianStartupNews · 1y ago

India's JSW Steel appoints Robert Simon as CEO of JSW USA

JSW Steel has appointed Robert Simon as the CEO of its US operations. Simon, who has extensive experience in the steel industry, will lead the overall business of Baytown and Mingo Junction. The appointment comes after Mark Bush resigned in 2022, with Greg Manfredi temporarily filling the role. Simon has previously held key positions in companies such as Evraz North America and Steel Dynamics, and his expertise is expected to drive JSW USA's growth. Simon expressed his excitement at joining the company's team and contributing to its legacy of excellence.

JSW to invest ₹65,000 cr for greenfield steel, cement plants in Odisha

Livemint

Livemint · 1y ago

JSW to invest ₹65,000 cr for greenfield steel, cement plants in Odisha

JSW Steel has laid the foundation stone for a ₹65,000 crore greenfield integrated steel manufacturing complex in Paradip, Odisha. The complex will include a 13.2 MTPA capacity steel plant, a captive power plant, jetties, a cement manufacturing unit, and a modern township. The project, expected to drive economic growth in the region, aims to create around 30,000 direct and indirect jobs. JSW Steel plans to adopt green technologies and circular economy practices in the facility.

Odisha CM lays foundation stone for JSW Group's Rs 65,000 crore steel facility

Money Control

Money Control · 1y ago

Odisha CM lays foundation stone for JSW Group's Rs 65,000 crore steel facility

Odisha Chief Minister Naveen Patnaik has laid the foundation stone for JSW Group's steel project in Odisha, with an estimated investment of Rs 65,000 crore ($8.8 billion). The project, set to be located at Dhinkia Nuagaon and Gadakujanga, will have an annual steel manufacturing capacity of 13.2 million tonnes, along with a cement manufacturing unit and a modern township. JSW Steel expects the project to generate approximately 30,000 direct and indirect jobs and drive economic growth in the region.

JSW Steel appoints Robert Simon as CEO for US operations

Money Control

Money Control · 1y ago

JSW Steel appoints Robert Simon as CEO for US operations

JSW Steel has appointed Robert Simon as the new CEO of its US unit. Simon will oversee the overall business, including slab, coil, pipe, and plate production, and sales at Baytown and Mingo Junction. JSW Steel has a 1.5 million tonnes per annum steel-making capacity in Ohio, as well as downstream facilities in Texas. Simon previously consulted with companies like OmniTrax and served as CEO for Bayou Steel Group. His appointment follows the departure of Mark Bush in 2022.

JSW Steel-Japan's JFE Steel JV to acquire Thyssenkrupp Electrical Steel India for Rs 4,051 crore

Money Control

Money Control · 10m ago

JSW Steel-Japan's JFE Steel JV to acquire Thyssenkrupp Electrical Steel India for Rs 4,051 crore

JSW Steel has announced a joint venture with JFE Steel Corp, a Japanese steel company, to acquire 100% of Thyssenkrupp Electrical Steel India for INR 4,051 crore. The acquisition, in line with JSW Steel's strategy to enhance its proportion of value-added steel products, will enable them to enter the grain-oriented electrical steel manufacturing and sales business. The deal is subject to approval from the Competition Commission of India.

JSW Steel to buy $120 mn stake in Australian firm to expand coal reserves

VCCircle

VCCircle · 1y ago

JSW Steel to buy $120 mn stake in Australian firm to expand coal reserves

Indian steelmaker JSW Steel has announced plans to purchase a 67% stake in Australian private firm M Res NSW HCC for $120m. The move will enable JSW Steel to expand its coal reserves and ensure a reliable supply of raw materials for its operations. The company will hold a stake in coal mines in southern Australia with reserves of 99 million metric tonnes and an annual capacity of 6.5 million tonnes. JSW Steel intends to make the purchase through its Netherlands-based unit, and also plans to invest an additional $50m by 2023.

JSW Steel and Japan's JFE form JV to produce grain-oriented electrical steel in India

Money Control

Money Control · 1y ago

JSW Steel and Japan's JFE form JV to produce grain-oriented electrical steel in India

JSW Steel has partnered with JFE Steel Corporation to establish JSW JFE Electrical Steel, a joint venture focused on producing grain-oriented electrical steel in India. The manufacturing base will be in Karnataka's Bellary, with an investment of Rs 5,500 crore. The production is scheduled to begin in fiscal year 2027, with plans for further capacity expansion. Grain-oriented electrical steel is vital for energy-efficient transformers and the global market for this type of steel is projected to grow to $18.81 billion by 2030.

JSW teams up with Japan's JFE to acquire Thyssenkrupp's India arm

VCCircle

VCCircle · 10m ago

JSW teams up with Japan's JFE to acquire Thyssenkrupp's India arm

JSW Steel has announced a joint venture with Japan's JFE Steel to acquire Thyssenkrupp's Indian unit for $480 million. The 50:50 joint venture, called JSW JFE Electrical Steel, will take over Thyssenkrupp Electrical Steel India. The deal involves the transfer of technology package relating to the operations of Thyssenkrupp Electrical Steel. The transaction is subject to approval from the Competition Commission of India and is expected to be completed within eight months.

Sensex rejig in December: Zomato to see $513 million inflows amid shake-up for 6 stocks!

Economic Times

Economic Times · 8m ago

Sensex rejig in December: Zomato to see $513 million inflows amid shake-up for 6 stocks!

Food delivery firm Zomato has replaced steel giant JSW Steel in the BSE Sensex, as part of the index's periodic rebalancing. This move is expected to lead to inflows of $513 million into Zomato, while JSW Steel may face outflows of $252 million. Other stocks undergoing the reshuffle include Mahindra & Mahindra, ITC, Infosys, and Sun Pharma, which will experience minor weight reductions in the index. This reshuffling reflects the growing prominence of technology-driven companies in India's stock market.

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