JSW Steel launches zinc alloy quoted steel product, JSW Magsure

31 May 2024 , 02:55 PM

Ashwani K. Sharma, executive vice president of JSW Steel Coated Business, stated in an interview with ET that JSW Steel is attempting to gain 50% of the domestic market share in FY25 by producing and marketing a new zinc, magnesium, and aluminium alloy coated steel product called JSW Magsure.

The action is anticipated to increase demand from the local renewable energy sector and other related sectors while also assisting India in becoming self-sufficient in coated steel goods. The full 120,000 metric tonnes of demand in FY24 was supplied by imports.

As of July, the company had approximately 15,000 metric tonnes of fulfilled orders, including 5,000 metric tonnes provided to Adani Green Energy, out of an order book of 35,000–40,000 metric tonnes.

We anticipate that demand for this product will quadruple this fiscal year, thus our goal is to obtain a domestic order book of more than 120,000 metric tonnes. We have supplied 15,000 metric tonnes to significant solar customers in the first two months, including Adani Green Energy, Amplus Solar, Ayana Renewables, and Intech Solar, according to Sharma. “We aim to reach 70% market share in this category by FY26.”

According to a statement from Jayant Acharya, joint managing director and chief executive of JSW Steel, “JSW Magsure will help us capitalise on emerging opportunities in the Indian market while supporting the government’s 2030 renewable energy targets and Atmanirbhar Bharat mission.”

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