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JSW Steel, JFE Steel to Build Electrical Steel Plant in India
05/22/2023 - The two companies have signed a memorandum of understanding to establish a cold-rolled grain-oriented electrical steel plant in Vijayanagar, Karnataka, India, according to a statement from JSW Steel today.
The plant will be a 50/50 joint venture between the two companies.
"The JV would further strengthen JSW Steel's position as India's leading manufacturer of advanced steel products that lead to reduced CO2 emissions, and creating sustainable steel solutions," JSW Steel's joint managing director and chief executive Jayant Acharya said.
JSW Steel and JFE Steel signed a comprehensive strategic collaboration agreement in 2009, followed by an equity investment in JSW Steel on JFE's part. In 2012, the two companies entered into an agreement for the technology to produce non-grain oriented electrical steel products.
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