JSW Steel’s wholly-owned indirect subsidiary -- JSW Steel USA Ohio is considering a proposal to raise long-term funds from the municipal bond market in the US. The bonds will be repaid out of proceeds from repayment of loan received from JSW Steel Ohio and the bondholders will have no recourse to the port authority. The company shall provide a guarantee on behalf of JSW Steel Ohio, which will be utilized to secure the repayment of the bonds.
The proceeds of the Loan are proposed to be utilized for the purpose of refinancing/ reimbursing, in whole or in part, the cost of the modernization of an electric arc furnace at the steel facilities located in Jefferson county, Ohio and the caster modernization including the installation of a level 2 automation system to allow for the production of higher quality steel slabs at the facility.
JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
