JSW Steel to consider raising of long-term funds; board meeting on 19 May

JSW Steel will consider raising of long-term funds, said the company in a regulatory filing on Monday. A final decision on this will be taken during the board meeting to be held on Friday, 19 May 2023.

JSW Steel's board will also consider the recommendation of payment of dividend on the equity shares, the company statement said.


The outcome of the board meeting will be communicated to the stock exchanges after the conclusion on May 19.

In a filing with the stock exchanges, JSW Steel said, “The board would also be considering: a) Recommendation of payment of dividend on the Equity Shares of the Company; and b) Raising of long-term funds, including but not limited to, Qualified Institutions Placement of permissible securities, issuance of Non-Convertible Senior Unsecured Fixed Rate Bonds in the International Markets and issuance of Redeemable Non-Convertible Debentures, subject to such regulatory/statutory approvals as may be required.”


On May 3, JSW Steel USA Ohio Inc said that the company will invest $145 million in projects to upgrade manufacturing operations in Mingo Junction, Ohio.

The company said in a statement last week it aims to meet the demand for quality steel products “melted & manufactured in the US”, in line with the Biden Administration’s Buy America policies. The new projects are expected to be completed and commissioned in FY26.