India’s JSW Steel to invest $500M in U.S. operations

India’s JSW Steel Ltd. announced it would invest $500 million to build out its U.S. operations in Texas, following U.S President Donald Trump’s decision to pursue steep import tariffs.

The company will use $150 million to improve and modernize its plant in Baytown, Texas, while the rest of the funds will be used to build a new facility, reports Nasdaq.

The company has also signed an agreement with the Texas governor’s office, under which the governor has approved a $3.4 million grant to the company’s unit.

Source: Nasdaq