Steel Mills
JSW Steel USA Accelerates Upgrades
Written by Sandy Williams
August 11, 2020
JSW Steel plans to accelerate its plans to overhaul its U.S. facilities in Ohio and Texas. Both plants have been idled due to weak demand and pricing resulting from COVID-19 impacts.
The plant in Mingo Junction, Ohio, will receive an upgrade to its 1.5-million-ton capacity electric arc furnace and is expected to restart production in March. Due to a deficiency of steel slabs in the U.S., the Ohio plant will change its focus from coils to slabs, said Parth Jindal, director of U.S. operations.
The pipe mill in Baytown, Texas, is scheduled for repairs to equipment as well as operational efficiency improvements that will cut costs.
“Our plan is to reduce the losses and be extremely frugal and focus on completing these projects,” Jindal said in an interview with Bloomberg. “From next year onward, we truly believe the U.S. operations will be well positioned to be earnings accretive to JSW Steel.”
The U.S. operations recently changed leadership with Mark Bush, formerly of SSAB, stepping in as CEO to replace John Hritz. Hritz is continuing his tenure with JSW Steel with a new focus on strategy and legal affairs.
Jindal said that JSW Steel Ltd. remains “very committed” to its USA operations.
“Once the modernization projects are completed and we bring down our cost curve, then we see no reason why the U.S. business can’t generate positive earnings,” he said. “It still remains an important part of our organization and all efforts are on to turn around the operations.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Toyota Tsusho America to acquire Radius Recycling for $1.34 billion
The companies said Thursday that Radius shareholders will receive $30 per share in cash upon the deal’s closing, which is expected in the second half of this year.
Algoma resumes steel shipments to US, sees opportunity in tariffs
Algoma Steel has resumed shipments to the US, effective Friday, March 14. And the Canadian steelmaker sees a potential opportunity with the current tariff situation.
Algoma posts narrower Q4 loss, braces for tariff impact as US shipments pause
Algoma Steel's net loss narrowed in the fourth quarter vs. a year earlier amid economic uncertainty and tariff-related issues.
Evraz NA refutes report it falsified tests on plate for US military
Employees at Evraz North America, a subsidiary of Russia's Evraz plc, reportedly falsified quality control test results on armored plate for military vehicles. Evraz NA denies the claims.
Pacific Steel breaks ground on California rebar mill
Pacific Steel Group has broken ground on its Mojave Micro Mill in Southern California.