JSW Steel to consider raising of long-term funds; board meeting on 19 May

The board will also consider the recommendation of payment of dividends on the equity shares

JSW Steel will consider raising of long-term funds, said the company in a regulatory filing on Monday. A final decision on this will be taken during the board meeting to be held on Friday, 19 May 2023.

JSW Steel's board will also consider the recommendation of payment of dividend on the equity shares, the company statement said.

The outcome of the board meeting will be communicated to the stock exchanges after the conclusion on May 19.

In a filing with the stock exchanges, JSW Steel said, “The board would also be considering: a) Recommendation of payment of dividend on the Equity Shares of the Company; and b) Raising of long-term funds, including but not limited to, Qualified Institutions Placement of permissible securities, issuance of Non-Convertible Senior Unsecured Fixed Rate Bonds in the International Markets and issuance of Redeemable Non-Convertible Debentures, subject to such regulatory/statutory approvals as may be required.”

On May 3, JSW Steel USA Ohio Inc said that the company will invest $145 million in projects to upgrade manufacturing operations in Mingo Junction, Ohio.

The company said in a statement last week it aims to meet the demand for quality steel products “melted & manufactured in the US”, in line with the Biden Administration’s Buy America policies. The new projects are expected to be completed and commissioned in FY26.

The investment was announced at the SelectUSA Investment Summit held in National Harbour, Maryland. “These new investments reiterate JSW’s commitment to a sustainable and green future. The operational upgrades being made at JSW Steel USA are a progressive step towards achieving our long-term ESG goals. These investments and projects will help us in producing high quality ‘melted and manufactured in USA’ steel products required by our customers in the infrastructure and renewable energy sectors,” said Parth Jindal, director of JSW Steel USA.

The company said that the new investment would help expand its “Made in USA” product portfolio and improve imports.

Ohio Governor Mike DeWine said, “Choosing Ohio for this expansion brings good-paying jobs to Jefferson County while helping secure a stronger domestic supply chain for steel manufactured in the United States.”

“This capital expenditure ensures not only job retention and creation but adds an element of economic sustainability to JSW Steel USA Ohio, Inc.’s footprint in Jefferson County,” said Robert Naylor, executive director of the Jefferson County Port Authority.