JSW Steel has become the first Indian company to make a Zinc-Magnesium-Aluminium alloy coated steel product targeted to reduce specialised coated steel imports.
Branded under JSW Magsure, the product will directly compete with the market leaders ArcelorMittal and Posco, which own patented technology for this product.
JSW Steel will manufacture the product at its facilities in Karnataka and Maharashtra with a capacity of up to 0.9 million tonnes per annum. The galvanised steel is coated with the alloy in a ratio that offers superior corrosion protection in adverse conditions.
It finds several applications, including steel structures in solar installations, silos, guard rails, and AC parts, which require a high level of protection against corrosion. JSW Steel has patented the unique chemical composition of JSW Magsure.
The market for Zinc-Magnesium-Aluminium alloy coated steel has grown 8 times to 1.20-lakh tonnes last fiscal from about 15,000 tonnes in 2020.
Driven by the renewable energy sector, the market for Zinc-Magnesium-Aluminium alloy coated steel is expected to double to 2.5-lakh tonnes, with a market value of Rs 2,200 crore this fiscal. JSW Magsure aims to address the supply limitation by offering an indigenous Made in India product with the shortest delivery timelines, said the company.The improved availability of this product will spur demand for JSW Magsure not only from the renewable energy sector but also from other allied end uses, it said.
Besides the domestic market, JSW Steel is also exploring significant export opportunities in Europe and the Middle East.Jayant Acharya, Joint Managing Director, JSW Steel said the company is optimising the coated products mix to service the nation’s requirements for indigenous superior quality alloy coated steel.
JSW Magsure will help the company to capitalise on emerging opportunities in the domestic market, he added. Amarjit Singh Dahiya, Business Head, JSW Steel Coated Products, said it is a technically advanced product with superior corrosion resistance properties with application across a wide variety of industries, particularly in highly corrosive environments. He said the demand for an indigenous Made In India product is strong, as indicated by the robust order book for JSW Magsure he said.
