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Ambassador Eric Garcetti lauds JSW Steel USA's $110 million investment in Texas
JSW Steel USA announced plans to invest in modernizing its steel plate mill in Baytown during the 2024 SelectUSA Investment Summit.
US Ambassador Eric Garcetti with the JSW Steel USA team at the summit. / X/@SelectUSA
JSW Steel USA, a subsidiary of JSW Steel (India’s leading steel company), plans to invest $110 million in modernizing its steel plate mill in Baytown, Texas. The projects will incorporate sustainable technology and state-of-the-art equipment within its manufacturing facilities in Baytown.
US Ambassador to India Eric Garcetti on June.25 lauded the development, and said the investment was a “testament to the strong US-India partnership”.
“Excited to celebrate @JSWSteel's $110M investment in TX! A testament to the strong US-India partnership, creating jobs, driving economic growth, and bringing our economies closer together. Kudos to Chairman Saijan Jindal & the 800+ American workers at JSW Steel,” Garcetti said in a post on X.
Excited to celebrate @JSWSteel's $110M investment in TX! A testament to the strong U.S.-India partnership, creating jobs, driving economic growth, and bringing our economies closer together. Kudos to Chairman Saijan Jindal & the 800+ American workers at JSW Steel. #SelectUSA… https://t.co/ULMv2khAkW
— U.S. Ambassador Eric Garcetti (@USAmbIndia) June 25, 2024
JSW Steel announced the investment during the 2024 SelectUSA Investment Summit, a prominent event in the United States that facilitates business investment by bringing together investors, companies, economic development organizations, and industry experts to foster business deals.
Commenting on the new investments, Parth Jindal, Director of JSW Steel USA, said in a statement, “The new investments at our Baytown, Texas facility reinforce JSW USA’s commitment to a sustainable and green future. The new upgrades at our Plate Mill support the long term ESG initiative of JSW USA and support decarbonization of the Energy Spectrum in the United States of America.”
The new investments will enable JSW to “progressively deliver high quality steel products” while further defining their niche markets “through a Made in America specialty steel portfolio”, he added.
“These investments have the potential to significantly reduce US import reliance in the infrastructure and renewable energy sectors,” Jindal said.
Atul Keshap, President of the US-India Business Council, said that Texas’ probusiness environment is a model for growth across the country.
“And I commend JSW Steel’s commitment to prosperity in both our great nations. Through initiatives like this, the United States and India will continue to see convergence based on trust, partnership, and mutual progress,” Keshap said.
US-India relationship is multiplicative: Garcetti
Speaking at the summit, Garcetti emphasized that the relationship between India and the US is not merely "addictive" but "multiplicative".
“Now, Americans are getting more and more familiar with Indian brands and Indian companies... Together we're investing in third countries, infrastructure, energy, climate solutions, empowering tomorrow's prosperity,” Garcetti said as he announced investment from JW Steel in Texas.
Garcetti also highlighted that the relationship between the two countries has never been stronger. He acknowledged the Indian-American community as the most successful immigrant community in America.
“This (India-US) is a relationship that isn't just additive. It's not just the US plus India. It's multiplicative. It's the United States times India,” Garcetti said on the sidelines of the summit, to which the largest delegation is from India.
Garcetti also emphasized that the relationship between India and the US has reached unprecedented heights.
“We've never had a closer relationship with India. Americans of Indian descent are now about 1.5 percent of our population. And pay six per cent of the taxes in America. It is the most successful immigrant community in America,” he said.
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