JSW Steel Targets 50% Market Share in Coated Steel
By Rediff Money Desk, New Delhi May 30, 2024 11:46
JSW Steel aims to capture 50% market share in the zinc-magnesium-aluminium alloy coated steel segment with its new product, JSW Magsure, within a year.
New Delhi, May 30 (PTI) JSW Steel on Thursday announced the rollout of zinc-magnesium-aluminium alloy coated steel and aims to capture 50 per cent market share in the segment within one year's time.
JSW Steel has invested around Rs 500 crore in setting up the coated capacity of 0.9 million tonnes per annum at Karnataka and Maharashtra facilities where JSW Magsure will be manufactured, a JSW Group spokesperson told PTI.
JSW Steel targets a 50 per cent market share in this coated segment within one year of Magsure's launch in India, the spokesperson said.
"JSW Steel is enhancing its product mix to reduce India's reliance on coated steel imports with JSW Magsure. This makes JSW Steel the first and only Indian steel company to manufacture & market a zinc-magnesium-aluminium alloy coated steel product in the domestic market," a company statement said.
JSW Steel said it is also exploring significant export opportunities for JSW Magsure in Europe and the Middle East.
The company said the Indian market for zinc-magnesium-aluminium alloy coated steel has grown more than sixfold from about 15,000 metric tonnes to 120,000 in FY24. So far the entire market requirement was serviced by imports.
During the current fiscal, India's requirement for zinc-magnesium-aluminium alloy coated steel is expected to double to 2.5 lakh tonnes at a market value of Rs 2,200 crore. This demand will be driven mainly by the renewable energy sector.
This galvanized steel is coated with an alloy of zinc, magnesium and aluminium in a ratio that offers superior corrosion protection in adverse conditions.
It finds its usage across several applications like steel structures in solar installations, silos, guard rails, AC parts etc. requiring a higher level of protection against corrosion.
Jayant Acharya, Joint Managing Director and CEO of JSW Steel said, "We are optimising our coated products mix to service the nation's requirements for indigenous Made In India superior quality zinc-magnesium-aluminium alloy coated steel.
"JSW Magsure will help us to capitalise on emerging opportunities in the Indian market while supporting the government's 2030 renewable energy targets and Atmanirbhar Bharat mission.
JSW Steel has invested around Rs 500 crore in setting up the coated capacity of 0.9 million tonnes per annum at Karnataka and Maharashtra facilities where JSW Magsure will be manufactured, a JSW Group spokesperson told PTI.
JSW Steel targets a 50 per cent market share in this coated segment within one year of Magsure's launch in India, the spokesperson said.
"JSW Steel is enhancing its product mix to reduce India's reliance on coated steel imports with JSW Magsure. This makes JSW Steel the first and only Indian steel company to manufacture & market a zinc-magnesium-aluminium alloy coated steel product in the domestic market," a company statement said.
JSW Steel said it is also exploring significant export opportunities for JSW Magsure in Europe and the Middle East.
The company said the Indian market for zinc-magnesium-aluminium alloy coated steel has grown more than sixfold from about 15,000 metric tonnes to 120,000 in FY24. So far the entire market requirement was serviced by imports.
During the current fiscal, India's requirement for zinc-magnesium-aluminium alloy coated steel is expected to double to 2.5 lakh tonnes at a market value of Rs 2,200 crore. This demand will be driven mainly by the renewable energy sector.
This galvanized steel is coated with an alloy of zinc, magnesium and aluminium in a ratio that offers superior corrosion protection in adverse conditions.
It finds its usage across several applications like steel structures in solar installations, silos, guard rails, AC parts etc. requiring a higher level of protection against corrosion.
Jayant Acharya, Joint Managing Director and CEO of JSW Steel said, "We are optimising our coated products mix to service the nation's requirements for indigenous Made In India superior quality zinc-magnesium-aluminium alloy coated steel.
"JSW Magsure will help us to capitalise on emerging opportunities in the Indian market while supporting the government's 2030 renewable energy targets and Atmanirbhar Bharat mission.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.89 (+ 4.71)
- 84074150
- Jaiprakash Power Ven
- 22.89 (+ 3.34)
- 47620916
- Spicejet Ltd.
- 65.25 ( -0.78)
- 27318841
- AvanceTechnologies
- 0.90 (+ 4.65)
- 26883863
- Vodafone Idea L
- 9.32 (+ 1.41)
- 26185410
MORE NEWS
Pakistan & Saudi Arabia Sign USD 2.2 Billion...
Pakistan and Saudi Arabia have signed USD 2.2 billion investment deals in multiple...
Indian Student Becomes 'British High...
Delhi University student Nidhi Gautam experienced a day as the British High...
Samsung Workers Detained, Released: CITU...
Samsung India Electronics workers and CITU leaders were arrested and released after...