JSW Steel clarifies on acquisition

JSW Steel Ltd has announced that the Company has clarified on a news item which was reported in the press "Steel Business Briefing" that the Director Finance of the Company admitted that the Company would examine whether synergies between Canadian Algoma Steel and the Company exist. The Company denies having made such statement and places on record that the Company is not interested in acquiring the Canadian Algoma Steel.

The JSW group, part of the US $ 4 billion O P Jindal Group, is one of the lowest cost steel producers in the world. The group has diversified interest in mining, carbon steel, power, industrial gases and port facilities. The Company is engaged primarily in manufacture of flat products viz. H R Coils, C R Coils, Galvanised products and auto grade / white goods grade CRCA Steel. Incorporated in 1994, it has grown to US $ 1.6 billion in little over a decade. The Company has the largest galvanizing production capacity in the country and is the largest exporter of galvanized products with presence in over 74 countries across five continents.

Source : Equity Bulls

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