JSW Steel signs JV with Japanese Marubeni-Itochu Steel Inc (MISI)

14-Oct-2011

JSW Steel on Wednesday (12^th Oct’11) has signed a joint venture agreement with Japanese Marubeni-Itochu Steel Inc (MISI) to set up a steel processing centre at an investment of Rs 122-crore (approximately $ 24.5 million) in North India.

The equal join venture company--JSW MI Steel Service Centre--will set up a 1,80,000 tonnes per annum facility to process mainly flat steel products such as hot rolled, cold rolled steel and coated products to cater to the needs of automotive, white goods, construction and other value added segments.

JSW Steel, part of the $8 billion O P Jindal Group is India's third-largest steelmaker. JSW Steel is one of the largest steel producers in private sector in India so far the provision of capacity is concerned. The company has a wide range of products which include pellets, slabs, HR coils/sheets, HR plates, CR coils, galvanized coils/sheets, and colour coated coils/sheets. In fact, JSW Steel Limited has the largest galvanizing and colour coating production capacity in the country and is the largest exporter of galvanized products with presence in over 100 countries across five continents.

For JSW, this comes as yet another Japanese partnership. Last year, Japan’s second largest steel maker JFE announced that it would be buying around 14.99 per cent stake in JSW Steel for about $1.02 billion (Rs 4,800 crore) in what was pegged as one of the biggest foreign direct investment deals in metal and mining space till date.

Japan’s Marubeni-Itochu Steel Inc has over 100 processing centres across the world and specializes in value-added steel.