The capacity of the steel complex will be 13.2 million tons of steel per year
Indian steel company JSW Steel announced the start of construction of a new steel plant in Paradip, Odisha, India, with a capacity of 13.2 million tons of steel per year. It is reported by ArgusMedia .
The steel complex will have its own plant, berths with forklifts and a cement plant. Investments in the integrated steel plant are estimated at around 650 billion rupees ($7.8 billion).
Currently, JSW Steel's steel production capacity is estimated at 29.7 million tonnes. The company plans to increase it to 38.5 million tonnes by the fiscal year April 2024 to March 2025. The company's iron ore mines in Odisha have reserves of 1.1 billion tonnes of ore.
In October-December 2023 (the third quarter of fiscal year 2023-2024), JSW Steel produced 6.63 million tonnes of steel, an increase of 7% year-on-year.
As Compraço previously reported, JSW Steel will establish a joint venture with the Japanese JFE Steel Corporation. The companies will invest 55 billion rupees (about $663 million) to establish a factory in Karnataka. Production is likely to begin in fiscal 2026/2027 to further expand capacity to meet the growing demand for grain-structured electrical steel in India.
The company also considered acquiring foreign assets in Canada and Australia for the production of iron ore and coking coal, while also prioritizing the expansion of its domestic raw material base. In this way, the steelmaker seeks to align its raw materials supply chain with its plans to expand Indian production capacity from 28 million to 50 million tons per year by 2030.
