Steel maker JSW to build new plant, invest $500M after Trump tariffsFox Business News, Jun 21, 2018, Henry Fernandez
A major investment is kickstarting America’s steel industry.
JSW Steel USA plans to invest $500 million to build a new factory in the U.S. Combined with a previous announcement that JSW will modernize an existing plant, the Indian-owned company is making a total investment of $1 billion after President Trump’s tax reform and tariffs on imported steel.
“The Trump administration was the driver behind giving us in the U.S. the ability to compete for capital,†JSW Steel USA CEO John Hritz said during a First on FOX Business interview with Edward Lawrence on Thursday.
JSW Steel has agreed to acquire an Acero Junction facility
in Mingo Junction, Ohio, for $80.9 million.
Through its parent company, JSW Group, it’s investing upwards of $500 million in the old Ohio steel plant that was built in 1929, instead of constructing a new facility in India. The project is expected to generate an estimated 300 permanent jobs in a town of just 3,400 people.
“We are going to revitalize that facility and that entire community,†Hritz said.
https://www.foxbusiness.com/markets/steel-maker-jsw-to-build-new-plant-invest-500m-after-trump-tariffs
