JSW to Invest $500 Mn in Texas Plant
JSW Group announced an additional investment not exceeding $500 million on its steel pipes and plates factory in Texas, which will allow them to make full use of the 1 million ton installed facility they acquired in 2007 instead of obtaining raw steel from Latin America and India.
The group acquired the facility from then bankrupt company Baytown steel asset for the sum of $810 million. Since then they have only been using approximately 30 per cent of the facility.
Since acquiring the location, JSW invested almost $220 million in working capital and suffered a loss of $170 million, contributing to a total exposure to the facility to $1.2 billion, according to a statement released by JSW Group chairman Sajjan Jindal. He also added that the facility has helped the company turn cash pro...