JSW STEEL TO INVEST $250 MN IN OHIO PLANT

MUMBAI: Sajjan Jindal-promoted JSW Steel Ltd has announced plans to make an initial investment of $250 million to upgrade a steel manufacturing plant in Ohio, US. It acquired the plant as part of a recent $80.85 million purchase of Acero Junction Inc., an Ohiobased integrated steel manufacturer. The investment might be scaled up by another $250 million later, depending on the prevailing market situation, the company added. In a press statement, JSW Steel said that the investment will happen in two parts. In phase one, the firm will revamp and restart the electric arc furnace and the slab caster, and modernize the hot strip mill. The proposed investment including the cost of acquisition, is expected to be approximately $250 million.