JSW Steel USA secures $182 mn financing for modernising plate mill

Capital arranged by Italian export credit agency, will be used for Indian company's facility in Texas

JSW Steel USA, a subsidiary of India’s JSW Steel Limited, has secured long-term financing from two Italian banking institutions for modernising its $260 million plate mill in Baytown, Texas.

The capital raised from Intesa Sanpaolo and Banco BPM is $182 million, of which $70 million is covered under the SACE guarantee and the balance is a term loan. The financing was structured by SACE's export finance division with contribution by the SACE’s Mumbai office, which has a long-standing relationship with JSW Steel, the steel company said in a statement.

SACE is an Italian export credit agency that supports businesses through