JSW To Idle Ohio Facility In US, Sends Lay-off Notices To 160 Workers
JSW Steel is idling its electric arc furnace (EAF) flat-rolled steel mill in Mingo Junction, Ohio, and has sent lay-off notices to about 160 workers.
Sources said that the lay-off could be temporary and the company hoped that it would last less than six months. Questions sent to JSW Steel went unanswered.
Business conditions following the Covid-19 pandemic was cited as the main reason behind the notice to workers, US media reports said. The plant too, would be undertaking pending upgrades in the meantime.
In 2018, JSW Steel acquired the Ohio facility as part of the Acero transaction. It had then committed an investment of $500 million to modernise the facility.
However, JSW Ohio took an inventory write down in 2019-2020 and generated an EBITDA loss of $113.07 million (Rs 792 crores) compared to an EBITDA loss of $41.62 million (Rs 294 crores) last financial year.
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