India’s JSW Steel Limited will spend an estimated $60 million to expand the capacity of its newly-launched zinc-magnesium-aluminium alloy coated steel products, branded as ‘Magsure’, company sources said on Thursday, June 6.
The capacity expansion of Magsure will be at the company’s two mills in Valsind in Maharashtra and Vijayanagar in Karnataka state.
The company said it targets to capture a 50 percent market share of steel supplied to roof-mounted solar projects in the first year of operations, while primarily targeting the solar projects being executed in India.
The company already has a 70 percent market share of this corrosion-resistant value-added steel supplied to ground-mounted solar projects.
The speciality steel is currently imported largely from South Korea and small quantities from Japan and China.
JSW Limited estimates domestic demand in the current fiscal to be around 120,000 mt and that it will double to around 250,000 mt within the next few years.