JSW Steel and Japan’s JFE to Invest ₹5,845 Crore to Boost Cold Rolled Grain-Oriented Electrical Steel Output
In a move to enhance their production capabilities, Indian steel giant JSW Steel and Japanese steelmaker JFE have announced a joint investment of ₹5,845 crore to increase the output of cold rolled grain-oriented electrical steel.
This investment will be made in their joint venture company, JSW Electrical Steel, which was established in 2018. The funds will be used to set up a new manufacturing facility in the state of Karnataka, India, with a capacity of 2.5 lakh tonnes per annum. This will bring the total capacity of the company to 3.5 lakh tonnes per annum.
The demand for cold rolled grain-oriented electrical steel, which is used in the manufacturing of transformers, is expected to grow significantly in the coming years due to the increasing focus on renewable energy and electric vehicles. This investment will not only cater to the domestic demand but also help in meeting the global demand for this specialized steel.
JSW Steel and JFE have a long-standing partnership, with JFE holding a 49% stake in JSW Steel’s subsidiary, JSW Steel Coated Products. This new investment further strengthens their collaboration and will help in leveraging each other’s strengths to achieve mutual growth.
The new facility will be equipped with state-of-the-art technology and will adhere to the highest quality standards. It will also create employment opportunities for the local community and contribute to the economic growth of the region.
JSW Steel is India’s leading integrated steel manufacturer, with a presence in over 100 countries. JFE, on the other hand, is a global steel company with a strong focus on research and development. This joint investment is a testament to their commitment towards innovation and sustainable growth.
The project is expected to be completed by 2023 and will play a crucial role in meeting the growing demand for cold rolled grain-oriented electrical steel. With this investment, JSW Steel and JFE are poised to strengthen their position in the global steel market and contribute to the development of the Indian economy.
