JSW Steel USA, together with two Italian banking institutions, Intesa Sanpaolo and Banco BPM, has secured long-term funding of $182 million (£149.2 billion) for a project to modernize a plate mill in Baytown, Texas.
JSW Steel is the flagship business of the $22 billion diversified JSW Group, operating in sectors such as energy, infrastructure, cement, paint, sports, and venture capital.
The funding was provided by SACE’s Export Finance department, in response to input from SACE’s Mumbai office, which has a long-standing relationship with JSW Steel. The SACE guarantee is provided to facilitate Italian exports.
Intesa Sanpaolo acted as SACE Agent and Commercial Transaction Coordinator. Intesa Sanpaolo and Banco BPM both served as book runners and certified lead organizers for both properties.
“JSW Steel USA has purchased supplies from three Italian engineering companies to improve the efficiency and productivity of its steelworks in Baytown: Danieli, Tenova, and Sideridraulic,” the company said in a statement.
JSW Steel USA’s Plate Mill Modernisation Project includes supplies from Italian engineering companies, Danieli & C Officine Meccaniche S.p.A, Danieli Automation S.p.A and Danieli Taranis LLC, all being subcontractors of Danieli Corporation Inc for a cutting line, rolling mill, and ACC/DQ.
The project also includes the supply of Sideridraulic for water treatment and cooling systems and the supply of Tenova for grinding machines for new rolling mills and related engineering services.
The total cost of equipment and related engineering services provided by these vendors exceeds $100 million.
