<p>Home-grown JSW Steel on Thursday said its US arm has raised $182 million from two Italian banking institutions to fund modernizing of its plate mill facility in Baytown, US.</p>.<p>Its subsidiary JSW Steel (USA) owns and operates one of the largest plate mills of America having an installed capacity of more than 1.2 million tonne per annum.</p>.<p>JSW Steel USA has tied-up long-term financing with two Italian banking institutions, Intesa Sanpaolo and Banco BPM, for its Plate Mill modernisation project in Baytown, JSW Steel said in a statement on Thursday.</p>.<p>The capital of $182 million has been raised, the company said in a reply to a query on the status of the transaction.</p>.<p>The total cost of the modernisation project is $260 million. The remaining funding will be through internal accruals, it said.</p>.<p>"Out of the $182 million financing, $70 million is covered under SACE guarantee and the balance $112 million is a term loan... The SACE guarantee is provided with the intention of promoting Italian exports," JSW Steel said.</p>.<p>In 2007, the JSW group bought the then bankrupt Baytown steel asset for $810 million.</p>.<p>JSW Steel USA's Plate Mill facility located at Baytown in Texas is undergoing a major modernisation upgrade.</p>.<p>The modernisation project involves addition of a 4-Hi Finishing Mill, pre-leveler, accelerated cooling system/direct quench (ACC/DQ), cooling beds and new roll shops.</p>.<p>"Once completed, it will put JSW Steel USA in a position to deliver higher quality products as well as enter new markets. The modernisation will support the requirement of on & offshore wind tower, agriculture, construction, storage tank and surface critical market segments," it said.</p>.<p>JSW Steel commenced the phase II upgrade of its plate mill facility located at Baytown in 2021 and aims to complete it by 2023.</p>
<p>Home-grown JSW Steel on Thursday said its US arm has raised $182 million from two Italian banking institutions to fund modernizing of its plate mill facility in Baytown, US.</p>.<p>Its subsidiary JSW Steel (USA) owns and operates one of the largest plate mills of America having an installed capacity of more than 1.2 million tonne per annum.</p>.<p>JSW Steel USA has tied-up long-term financing with two Italian banking institutions, Intesa Sanpaolo and Banco BPM, for its Plate Mill modernisation project in Baytown, JSW Steel said in a statement on Thursday.</p>.<p>The capital of $182 million has been raised, the company said in a reply to a query on the status of the transaction.</p>.<p>The total cost of the modernisation project is $260 million. The remaining funding will be through internal accruals, it said.</p>.<p>"Out of the $182 million financing, $70 million is covered under SACE guarantee and the balance $112 million is a term loan... The SACE guarantee is provided with the intention of promoting Italian exports," JSW Steel said.</p>.<p>In 2007, the JSW group bought the then bankrupt Baytown steel asset for $810 million.</p>.<p>JSW Steel USA's Plate Mill facility located at Baytown in Texas is undergoing a major modernisation upgrade.</p>.<p>The modernisation project involves addition of a 4-Hi Finishing Mill, pre-leveler, accelerated cooling system/direct quench (ACC/DQ), cooling beds and new roll shops.</p>.<p>"Once completed, it will put JSW Steel USA in a position to deliver higher quality products as well as enter new markets. The modernisation will support the requirement of on & offshore wind tower, agriculture, construction, storage tank and surface critical market segments," it said.</p>.<p>JSW Steel commenced the phase II upgrade of its plate mill facility located at Baytown in 2021 and aims to complete it by 2023.</p>