JSW Steel USA Ohio Inc, a subsidiary of JSW Steel Ltd, announced this morning that it has signed a long-term agreement with Allegheny Technologies Inc. (ATI) for the conversion of carbon steel slabs manufactured at JSW Steel USA’s facility in Mingo Junction (Ohio) into hot rolled coils (HRC) at ATI’s hot rolling and processing facility (HRPF) in Brackenridge (Pennsylvania).
As per the terms of the agreement, ATI is expected to hot-roll a significant percentage of carbon steel slabs produced by JSW Steel USA. This agreement with ATI would enable the conversion of carbon steel slabs into high-quality hot-rolled products for the US market.
This deal enhances JSW Steel USA’s ability to supply high-quality hot-rolled products required by its customers in the US thereby, enhancing its product portfolio. By securing access to ATI’s HRPF, which is one of the world’s most powerful hot-rolling mills, JSW Steel USA is enabled to produce materials that maintain high strength at high temperatures. At the same time, ATI increases its capacity utilisation of its highly automated HRPF in a capital-efficient manner that provides a reliable source of operating cash flow.
At 12.07 pm on Tuesday, the share price of JSW Steel Ltd was trading at Rs 724.00, which was an increase of 0.10 per cent over the previous day’s closing price of Rs 723.25 on BSE.