JSW Steel has introduced an innovative product named Magsure, a zinc-magnesium-aluminium alloy-coated steel. This specialised steel is designed for use in highly corrosive environments. It is ideal for various applications, including steel structures in solar installations, silos, guard rails, and air conditioning parts, where enhanced corrosion protection is essential.
The first only Indian company
JSW Steel, a leading steel manufacturer in India and part of the USD 24 billion JSW Group, announced in a press release that it is the first Indian company to produce and market a zinc-magnesium-aluminium alloy-coated steel product domestically. The company has also patented Magsure's unique chemical composition.
"We are optimising our coated products mix to service the nation's requirements for indigenous Made In India superior quality Zinc-Magnesium-Aluminium alloy coated steel," said Jayant Acharya, Joint Managing Director and CEO of JSW Steel.
Magsure will be available immediately to reduce India's reliance on coated steel imports. Since 2020, the Indian zinc-magnesium-aluminium alloy-coated steel market has grown over sixfold, from approximately 15,000 tonnes to around 120,000 tonnes in 2023-24.
The demand for the alloy coated steel to increase
Previously, the entire market demand was met through imports. During the current fiscal year, India's requirement for this alloy-coated steel is expected to double to 250,000 tonnes, with a market value of INR 2,200 crores, according to JSW Steel. The primary driver of this demand will be the renewable energy sector. JSW Steel produces Magsure and other value-added products at its facilities in Karnataka and Maharashtra, with a combined annual capacity of up to 0.9 million tonnes.
A few global companies have supplied this specialised steel using patented technology. India's heavy dependence on imports of zinc-magnesium-aluminium alloy-coated steel has led to significant supply constraints. JSW Steel anticipates that the improved availability of Magsure will boost demand not only from the domestic renewable energy sector but also from other industries.
Amarjit Singh Dahiya, Business Head of JSW Steel Coated Products Limited, added "JSW Magsure is a technically advanced product with superior corrosion resistance properties with application across various industries, particularly in highly corrosive environments. This unique Made in India opportunity gives us the confidence to further enrich our offering to customers." (ANI)
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