The world’s fifth-largest steel producer, Japan JFE Steel, hopes to continue strengthening its alliance with JSW, India’s third-largest steel producer, or increase its shareholding or strengthen the board’s position.
JFE Steel hopes JSW can become a joint-stock company, but JSW has not given any reply. In accordance with the accounting rules of the equity method, if the shareholding of JFE in JSW exceeds 15%, or the status in the board of directors is strengthened, JFE Steel Company shall report part of the results of JSW in the consolidated income and profits. FE Steel Company spent USD 1 billion in 2010 to acquire 14.9% of JSW's shares to win a place in the fast-growing Indian market. 14.9% was based on public bidding at that time, so as not to touch the 15% holding limit. Afterwards, India amended the law of acceptance and raised the ceiling of the public offer of shares to 25%, but it seems that the government has not nodded.
JFE also plans to join JSW's comprehensive steel plant construction project in Salboni, India. The cooperation includes automotive steel production technology. Currently, both parties still hold talks on the shareholding ratio. In addition to India, JFE is also committed to cooperating with local companies in the Middle East and Africa. It plans to build a large-scale blast furnace capable of producing 100 million tons of crude steel annually in the next few years, equivalent to the total amount of steel production in Japan, and gradually reduce steel exports. the amount. South Korea's Pohang Steel Plant is also stepping up to build steel plants in India.
JFE Steel hopes JSW can become a joint-stock company, but JSW has not given any reply. In accordance with the accounting rules of the equity method, if the shareholding of JFE in JSW exceeds 15%, or the status in the board of directors is strengthened, JFE Steel Company shall report part of the results of JSW in the consolidated income and profits. FE Steel Company spent USD 1 billion in 2010 to acquire 14.9% of JSW's shares to win a place in the fast-growing Indian market. 14.9% was based on public bidding at that time, so as not to touch the 15% holding limit. Afterwards, India amended the law of acceptance and raised the ceiling of the public offer of shares to 25%, but it seems that the government has not nodded.
JFE also plans to join JSW's comprehensive steel plant construction project in Salboni, India. The cooperation includes automotive steel production technology. Currently, both parties still hold talks on the shareholding ratio. In addition to India, JFE is also committed to cooperating with local companies in the Middle East and Africa. It plans to build a large-scale blast furnace capable of producing 100 million tons of crude steel annually in the next few years, equivalent to the total amount of steel production in Japan, and gradually reduce steel exports. the amount. South Korea's Pohang Steel Plant is also stepping up to build steel plants in India.
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