JSW Steel, a leading player in the Indian steel industry, has announced ambitious plans to capture a 50% market share in the coated steel segment with the rollout of its zinc-magnesium-aluminium alloy coated steel product, JSW Magsure.
The company has invested approximately Rs 500 crore in setting up a coated capacity of 0.9 million tonnes per annum at its facilities in Karnataka and Maharashtra, where JSW Magsure will be manufactured. This move marks JSW Steel as the first and only Indian steel company to produce and market a zinc-magnesium-aluminium alloy coated steel product domestically.
“JSW Steel is enhancing its product mix to reduce India’s reliance on coated steel imports with JSW Magsure,” a company statement noted. The introduction of this innovative product underscores JSW Steel’s commitment to meeting the evolving needs of the domestic market while bolstering the government’s Atmanirbhar Bharat mission.
The launch of JSW Magsure is strategically timed to capitalize on the rapidly growing demand for coated steel in India. The market for zinc-magnesium-aluminium alloy coated steel has witnessed significant expansion, growing more than sixfold from approximately 15,000 metric tonnes to 120,000 in FY24. Until now, this demand was predominantly met through imports.
Jayant Acharya, Joint Managing Director and CEO of JSW Steel, expressed confidence in JSW Magsure’s ability to address emerging market demands while supporting the nation’s renewable energy goals. “We are optimizing our coated products mix to service the nation’s requirements for indigenous Made In India superior quality zinc-magnesium-aluminium alloy coated steel,” Acharya stated.
In the current fiscal year, India’s requirement 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 surge in demand is anticipated to be driven primarily by the renewable energy sector, aligning with the government’s ambitious targets for renewable energy by 2030.
JSW Steel is not only focused on capturing a substantial share of the domestic market but also exploring significant export opportunities for JSW Magsure in Europe and the Middle East. The product’s superior corrosion protection properties, stemming from its unique alloy composition, make it highly suitable for a wide range of applications, including steel structures in solar installations, silos, guard rails, and AC parts.
The launch of JSW Magsure underscores JSW Steel’s commitment to innovation, sustainability, and supporting India’s journey towards self-reliance in the steel sector. With its cutting-edge product offerings and strategic investments, JSW Steel is well-positioned to lead the way in the coated steel segment and contribute to the nation’s economic growth and development.
