Steel manufacturer JSW Steel on Thursday announced the launch of zinc-magnesium-aluminum alloy coated steel. The company aims to achieve 50 per cent market share in this segment within a year. According to a Bhasha report, a JSW Group spokesperson said that JSW Steel has invested about Rs 500 crore to set up a coated capacity of 9 lakh tonnes per annum at its facilities in Karnataka and Maharashtra. JSW Magsure will be manufactured there.
Aims to achieve 50 percent market share
JSW Steel aims to achieve 50 per cent market share in the coated segment within a year of launching Magsure in India, a company spokesperson said. JSW Steel said it is also exploring export opportunities for JSW Magsure in Europe and West Asia. JSW Steel Joint Managing Director and Chief Executive Officer Jayant Acharya said, “We are customising our coated product mix to meet the country’s requirements for high quality zinc-magnesium-aluminum alloy coated steel manufactured indigenously in India.”
Support of Self-reliant India Mission
Acharya said that W Magsure will help us take advantage of the emerging opportunities in the Indian market. It will also support the government’s 2030 renewable energy goals and Aatmanirbhar Bharat Mission. JSW Steel, the flagship company of the US$23 billion JSW Group, is one of India’s leading steel manufacturers with a capacity of 29.7 MTPA. The company has a presence in more than 140 countries. JSW Steel deals in products like hot rolled, cold rolled, bare and pre-painted galvanized and galvalume, TMT rebars, wire rods and special steel. To strengthen its global network, the company has also acquired a steel mill manufacturing pipes and plates in Baytown, Texas, USA. The company aims to produce 40 million tonnes of steel annually.
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