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HomeNewsBusinessAccording to India’s JSW Steel, a U.S unit has secured $182 million...

According to India’s JSW Steel, a U.S unit has secured $182 million in funding

Two Italian banking institutions have agreed to provide long-term financing to JSW Steel USA, a subsidiary of India’s JSW Steel Limited, for the modernization of its $260 million plate factory in Baytown, Texas.

SACE is an Italian export credit organisation that offers a variety of instruments and services to help enterprises. The SACE guarantee was offered in an effort to support Italian exports.

$182 million in capital was raised from Intesa Sanpaolo and Banco BPM, of which $70 million is guaranteed by the SACE guarantee and the remaining $118 million is a term loan. According to a statement from SACE’s export finance section, which has a long-standing partnership with JSW Steel, the financing was arranged with assistance from the Mumbai office of SACE.

For a cutting line, rolling mill, and ACC/DQ, JSW Steel USA’s Plate mill modernization project will use supplies from Italian engineering firms Danieli & C Officine Meccaniche SpA, Danieli Automation SpA, and Danieli Taranis LLC, all of which are subcontractors of Danieli Corporation Inc.

The project also calls for supplies from Tenova for a grinding equipment for the new rolling mill as well as engineering support from Sideridraulic for a water treatment and cooling system. According to JSW’s statement, the combined value of the equipment and associated engineering services offered by these vendors exceeds $100 million.

News Summary:

  • According to India’s JSW Steel, a U.S. unit has secured $182 million in funding
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