$500 million steel mill expansion in Baytown, Texas to add 500 new jobs

Houston Chronicle:
A $500 million expansion of a Baytown steel mill was announced Monday by Gov. Greg Abbott, a move that will add up to 500 new jobs at an average salary of $65,000.

In a conference call with reporters from India, where a week-long Texas trade-development mission is underway, Abbott said the expansion will benefit the oil and gas industry and related businesses statewide.

Abbott also said he is working with Indian firms to increase shipments from Texas to India of liquified natural gas, and open new markets for businesses in both countries of technology and machinery, among other products.

"India is the fastest-growing international economy," Abbott said., and increasing trade with the country "will be extremely profitable for Texas companies for decades to come."

Abbott and company officials said the expansion will allow the plant to begin sourcing raw steel from Texas and other states, instead of Brazil, Mexico and India.

JSW bought the then-bankrupt Baytown plant for about $810 million in October 2007, and is currently operating at about 30 per cent capacity, officials said. The plant currently employs about 350, they said.

"The $500 million investment from JSW Steel to expand its operations in Texas shows what we can achieve when we work to be better every single day," Abbott said. "Made in Texas is a powerful label, and I thank JSW for investing in our great state. We look forward to forging an even stronger partnership and continuing economic and job growth in the Lone Star State."

He said the Baytown expansion, expected to be made in phases, is contingent upon approval of the U.S. Environmental Protection Agency and will include a $3.4 million grant from the Texas Enterprise Fund, the state's deal-closing business incentive fund.

Abbott said the JSW investment will be used to expand the company's Plate & Pipe Mill unit.
...
There is more.

I suspect Trump's tariff gambit may have spurred this expansion which should help offset the concerns from the oil an gas business about access to steel products at reasonable prices.  It is anotehr example of how Texas's diverse economy is adding jobs.

Comments

Popular posts from this blog

Russia attacking Iranian forces in Syria

Shortly after Nancy Pelosi visited Laredo, Texas and shook hands with mayor of Nuevo Laredo this happened