JSW Steel to leverage Made in India JSW Magsure to reduce India’s reliance on steel imports

Mumbai : JSW Steel, India’s leading steel company and the flagship business of US$ 24 billion JSW Group, is enhancing its product mix to reduce India’s reliance on coated steel imports with an indigenous Made In India, 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. JSW Steel has patented the unique chemical composition of JSW Magsure. JSW Magsure has significant usage in applications in high corrosive environments. Since 2020, the Indian market for Zinc-Magnesium-Aluminium alloy coated steel has grown more than 6x from approx. 15,000 metric tonnes to approx. 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 crores. This demand will be driven mainly by the renewable energy sector. This special steel is supplied by a handful of global majors using patented technologies. India’s heavy reliance on imports for Zinc-Magnesium-Aluminium alloy coated steel creates significant supply limitations. JSW Steel’s JSW Magsure aims to address the supply limitation by offering an indigenous Made in India product with the shortest delivery timelines. It is expected that improved availability will spur demand for JSW Magsure not only from the domestic renewable energy sector but also from other allied end uses. Besides domestic market, JSW Steel is also exploring significant export opportunities for JSW Magsure in Europe and the Middle East.

Commenting on its strategic plans to capitalize on this untapped opportunity, Mr Jayant Acharya, Joint Managing Director and CEO of JSW Steel said, “JSW Steel is committed to be the forebearer of innovation in the Indian steel industry. We are optimizing 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 capitalize on emerging opportunities in the Indian market, while supporting the government’s 2030 renewable energy targets and Atmanirbhar Bharat mission.”