JSW Steel to invest up to $500 mn in Texas plant amid looming trade war

Mumbai, Mar 26: JSW Steel Ltd said on Monday its US unit would invest up to $500 million to expand its Texas operations, as part of a Memorandum of Cooperation signed with the Texas Governor’s office. The governor has also approved a grant worth $3.4 million from the Texas Enterprise Fund to JSW Steel (USA) Inc, the steelmaker said in a statement. The capex plan, which will be completed by March 2020, includes setting up a melt manufacture contiguous plate and pipe facility in Texas, JSW said.