September 06, 2008

JSW Steel to buy plate mill in US – Report

Bloomberg reported that JSW Steel Limited plans to buy a US based plant for as much as USD 1.2 billion. The report cited Mr Sajjan Jindal vice CMD of JSW during an interview as saying that “We're close to buying a steel plate mill in the US.”

As per the report, this purchase acquisition would enable JSW Steel to delivery raw steel slabs to the US to make products used for shipbuilders and energy industries. Mr Jindal said “The cost at the US plant can be significantly lowered if we ship the steel from India and add value there.’

JSW Steel is more than doubling its slab making capacity to 10 million tonnes by 2010.