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JSW Steel USA receives tax credit for upgrade of Mingo Junction facility

Steel News - Published on Tue, 25 Sep 2018

Image Source: WTRF
WTRF reported that the effort to upgrade the former Wheeling-Pittsburgh Steel arc furnace has received a shot in the arm from the State of Ohio. JSW Steel USA Ohio has been granted a 1.5 percent, 10 year Creation Tax Credit for the project in Mingo Junction. According to the Ohio Tax Credit Authority, the mill expects to create 280 full time positions. It will also generate more than USD 14 million in new payroll.

JSW Steel, India's leading steel company, is investing up to USD 500 million into its newly acquired facility in Mingo Junction. JSW Steel is already working on phase one of its investment to revamp and restart the electric arc furnace and the slab caster and modernize the hot strip mill.

Mr John Hritz, President and CEO of JSW Steel USA, had said earlier we really want to get that electric arc furnace up as soon as possible so we're producing our own slabs and this facility becomes once again a melt and manufacture facility. Hritz predicts that soon there will be a tremendous change that could include adding a second arc furnace if the market is favorable. He had said "Then it's very likely that we will add a second one because we want to fully utilize the three million ton capacity of this hot strip mill.”

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Posted By : Sanju Moirangthem on Tue, 25 Sep 2018
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