JSW's investment creates 500 jobs

By SiliconIndia  |   Tuesday, 27 March 2018, 11:54 Hrs
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The JSW Steel is planning to invest $500 million( 3,250 crore INR) on its existing steel plant at Bayton in Texas Which will create 500 new jobs for the next two years at the steel plant with an average salary of $65,000.

The project will commence in two phases. In the first phase, the company will invest $150 million to enhance the existing one million tonnes of pipe and plate mill which is estimated to be completed by March  2019.

While in the second phase, it will invest $350 million in setting up of new melt and manufacturing plant to triple the production capacity.

Parth Jindal, the managing director of  JSW cement, said, "From India alone, we have been importing 1.5 lakh tonne of raw steel plates. This will come to end by 2020 when the second phase of the expansion is completed."

In the conference,  governer Greg Abbott said, "This is just one part of what I believe will be multiple parts of expansion in the Bayton area, whether it be expansion in steel like this or other related jobs."

"the expansion will benefit the oil and gas industry and related businesses " he added.

The Texas Enterprise Fund will we providing a fund of $3.4 million to the JSW regarding the modernization of the plants with a condition that it will be repaid if the project doesn't progress as expected.

The Bayton plant at Texas provides the needs of the energy, petrochemicals, Defense and other heavy equipment industries in the United States.

The JSW bought the bankrupt Baytown plant for $810 million in 2007. It is currently operating at about 30 percent capacity.

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