JSW Steel launches indigenous JSW Magsure to boost India’s self-reliance in coated steel
JSW Steel, India’s leading steel company and a major player in the $24 billion JSW Group, has announced the launch of JSW Magsure, a Zinc-Magnesium-Aluminium alloy coated steel product. This move positions JSW Steel as the first and only Indian steel company to manufacture and market such a product domestically, significantly reducing India’s reliance on coated steel imports.
Innovative Properties and Market Growth:
JSW Magsure, developed at JSW Steel’s facilities in Karnataka and Maharashtra, boasts a unique chemical composition that has been patented by the company. Its introduction is timely, as the Indian market for this alloy has seen a substantial increase—from approximately 15,000 metric tonnes in 2020 to an expected 250,000 tonnes in the current fiscal year, reflecting a market value of about Rs 2,200 crores. This surge is primarily driven by the renewable energy sector, highlighting the material’s critical role in applications requiring high corrosion resistance.
Addressing Supply Challenges:
Previously, the demand for Zinc-Magnesium-Aluminium alloy coated steel in India was met entirely through imports. With the introduction of JSW Magsure, JSW Steel aims to overcome supply limitations and meet the burgeoning domestic demand. This strategic shift is expected to enhance availability and spur further demand not only in the renewable energy sector but also across various industries requiring durable and corrosion-resistant materials.
Strategic Comments from Leadership:
Mr. Jayant Acharya, Joint Managing Director and CEO of JSW Steel, highlighted the strategic importance of JSW Magsure in aligning with national priorities. “JSW Steel is committed to being the forebearer of innovation in the Indian steel industry. 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,” said Acharya.
Export Potential and Industry Applications:
JSW Steel is not only focusing on meeting domestic needs but is also exploring significant export opportunities for JSW Magsure in markets like Europe and the Middle East. The alloy’s superior corrosion protection makes it ideal for use in harsh environments, such as in solar installations, silos, guard rails, and air conditioning parts.
The launch of JSW Magsure marks a significant milestone for JSW Steel and for India’s steel industry as a whole. By reducing dependency on imports and enhancing the quality of domestically produced steel, JSW Steel is setting new standards in the production of advanced materials that meet critical industrial and environmental needs.