JSW India plans to build a new steel plant in Balatib

On February 16, 2024, Indian steel producer JSW Steel announced plans to build a new steel plant in the Balatib region of the eastern Indian state of Orissa, with an annual production capacity of 13.2 million tons and a total investment of approximately 650 billion rupees (approximately 7.8 billion US dollars). The HCT690T+ZA steel complex will be equipped with its own power plant, berths, cement plants and other supporting facilities, aiming to achieve self-sufficiency in production.

It is reported that JSW Steel currently has a steel production capacity of 29.7 million tons and plans to increase it to 38.5 million tons in the 2024 fiscal year to meet the growing market demand. We also learned that JSW Steel has up to 1.1 billion tons of iron ore reserves in Orissa, providing considerable HCT690T+ZA steel raw material support for its future development.

Previously, JSW Steel announced a joint venture with JFE Steel Corporation of Japan, planning to invest 55 billion rupees (approximately 663 million US dollars) to build a new steel plant in Karnataka, India, to meet India's growing demand for electrical steel with grain structures. It is expected that the project will start production financially in 2026/2027.

In addition, JSW Steel's expansion plan is not limited to the domestic market. They are also considering acquiring foreign assets from Canada and Australia to increase HCT690T+ZA steel production of iron ore and coking coal, while prioritizing expanding their domestic raw material base. Through these measures, JSW Steel strives to align its raw material supply chain with the company's capacity expansion plan.