Steel Mills
JSW Steel Buys Acero Junction
Written by Sandy Williams
March 29, 2018
JSW Steel made another move to expand its U.S. operations by buying the Acero Junction sheet mill in Mingo Junction, Ohio. The $80.85 million purchase was finalized on Wednesday with JSM International, Acero Junction Holding Inc. and Acero Junction Inc. and is expected to close within 60 days. JSW, the India-based steelmaker, will have 100 percent ownership and strengthen its foothold in the North American market.
Acero Junction Holdings purchased the Ohio operations from Frontier Industrial Corp. in December 2016. The assets include an electric arc furnace, ladle metallurgy furnace and continuous slab caster. The 80-inch hot strip mill has a capacity of three million tons of hot rolled coils per year. Acero Junction’s electric arc furnace was installed in 2004, but has been idled since 2009 as the company struggled with finances.
Earlier this week, JSW Steel announced a $500 million investment, including a new EAF, at its Baytown, Texas, plant. JSW expects operations at Baytown to be profitable within two years.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.
Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.
Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.
Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.
Cliffs to idle Dearborn blast furnace, restart Cleveland furnace by July
Cleveland-Cliffs has decided to idle the steelmaking operations at its Dearborn Works in Michigan due to weak automotive demand.