JSW Steel eyes smaller steel plants
JSW Steel is looking to acquire smaller steel plants in India and overseas that produce specialised products, a top executive said, as it tweaks its acquisition strategy after missing out on some recent deals. JSW Steel, India’s biggest steelmaker in terms of domestic capacity, failed to outbid rival Tata Steel in March for bankrupt steelmaker Bhushan Steel. The company also lost out to U.K.-based steel manufacturer Liberty House for Bhushan Power following a bankruptcy resolution process for both companies in April. Earlier this year, JSW was beaten out by ArcelorMittal SA, the world’s largest steelmaker, for Italian steel major IlvaSpA. After the recent setbacks, JSW Steel is now looking to focus on buying more niche, lower capacity plants which do not require huge investments to turn around. JSW Steel is scouting for opportunities in the specialised steel segment that are dedicated to meeting specific customer demands.
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