JSW Steel launches zinc-magnesium-aluminum alloy coated steel product

30 May 2024 , 02:15 PM

JSW Steel announced on Thursday, May 30, in a stock exchange filing that it has launched a new advanced quoted steel product. This makes JSW Steel the first and only Indian steel maker to manufacture and market a zinc-magnesium-aluminum alloy coated steel product locally.

According to JSW Steel, this unique steel is currently supplied by only a few global companies that employ patented methods. Significant supply constraints have emerged from India’s reliance on imported zinc-magnesium-aluminum alloy-coated steel. JSW Magsure intends to address this by manufacturing a product domestically and offering the quickest delivery time.

JSW Steel’s joint managing director and CEO, Jayant Acharya, stated, “We are optimising our coated product mix to meet the nation’s demand for superior quality zinc-magnesium-aluminum alloy coated steel made in India. JSW Magsure will assist us in capitalising on developing prospects in the Indian market, while also helping the government’s 2030 renewable energy ambitions and the Atmanirbhar Bharat programme.”

JSW Steel now manufactures JSW Magsure at its plants in Karnataka and Maharashtra. These factories have a total output capacity of up to 0.9 million tonnes per year.

According to JSW Steel, India’s demand for zinc-magnesium-aluminum alloy coated steel is likely to treble to 2.5 lakh tonnes this fiscal year, with a market value of ₹2,200 Crore. This increase in demand will be mostly driven by the renewable energy industry.

JSW Magsure is utilised in a variety of applications that require enhanced corrosion resistance, such as steel structures in solar systems, silos, guard rails, and air conditioning components.

At around 2.10 PM, JSW Steel was trading 2.06% lower at ₹883.85, against the previous close of ₹901.90 on NSE. The counter touched an intraday high and low of ₹900.80, and ₹873.25, respectively.

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