JSW Metal expects Rs 1,000 crore in earnings from JSW Magsure this 12 months – Trade Information

Industrialist Sajjan Jindal-led JSW Steel has started commercial production of zinc-magnesium-aluminium alloy-coated steel, branded as JSW Magsure, and expects it to add another Rs 1,000 crore in revenue this year.The firm, which is the only Indian company to manufacture the product, intends to capture 50% domestic market share within a year and increase it to 75% in two years, JSW Steel coated business executive vice president Ashwani K Sharma said.

JSW Steel, which has already invested Rs 500 crore in the project, has begun manufacturing the product from its Vijayanagar facility in Karnataka and Vasind in Maharashtra. The facilities have an installed production capacity of 0.9 million tonnes per annum, which would be increased to 1,20,000-1,30,000 tonnes per annum.

With no companies manufacturing this product in the country, India imported 100,000 tonnes this year, and the demand is expected to rise to 250,000 tonnes at a market value of Rs 2,200 crore due to the demand from solar, Sharma said, adding this would also reduce India’s reliance on coated steel imports. “The demand from global markets would be much higher at 3-4 million tonnes.

Q4 Results 2024 LIVE Updates: Apollo Hospitals, Godfrey Phillips, Reliance Infra, Yatra, V2 Retail, more to announce earnings today

BSNL engagement with BCG a ‘futile exercise’, says employee union

BSNL’s FY24 loss narrows to Rs 5,367 cr; revenue up 1%

Diversified EPC companies to post revenue growth of 12-14% this fiscal, says CRISIL

“Besides the domestic market, JSW Steel is also exploring export opportunities for JSW Magsure in Europe and West Asia.“JSW Magsure will help us to capitalise on emerging opportunities in the Indian market, while supporting the government’s 2030 renewable energy targets and Atma Nirbhar Bharat mission,” Jayant Acharya, joint managing director and CEO of JSW Steel said.The product is made by coating galvanized steel with an alloy of zinc, magnesium and aluminium in a ratio that offers superior corrosion protection.