“We see great synergies between Jindal Group and Vítkovice Steel. We want to be a strategic investor and develop and expand production in Ostrava,” said Harssha Shetty, managing director of Jindal Shadeed Iron & Steel in Oman.

“The steel industry in the Czech Republic is known for its long tradition and Vítkovice Steel has know-how, quality products, experienced employees and a good reputation as a stable supplier. These are the main prerequisites for long-term cooperation.”

The Jindal Group has been providing financial support to Vítkovice Steel for more than a year, stepping in to stabilize its finances. This spring, Vítkovice Steel and the Jindal Group entered into a binding memorandum of mutual business cooperation for the supply of input materials produced with low-CO2 emissions, securing low-emission steel plate from Oman in volumes of up to one million metric tons per year.

Jindal intends to invest in expanding the mill’s rolled sheet and value-added capacity.