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JSW Steel to Buy US Based Acero Junction for $81 Million

JSW Steel entered into a stock purchase agreement on Wednesday with JSM International Ltd, Acero Junction Holdings Inc and Acero Junction Inc for the acquisition, the steelmaker said in a statement.

Reuters

Updated:March 29, 2018, 10:33 AM IST
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JSW Steel to Buy US Based Acero Junction for $81 Million
The logo of JSW is seen on the company's headquarters in Mumbai. (File Photo: Reuters)
Mumbai: India's JSW Steel Ltd said on Thursday it agreed to buy Acero Junction Holdings for $80.85 million, as it looks to expand its operations in the United States.

JSW Steel entered into a stock purchase agreement on Wednesday with JSM International Ltd, Acero Junction Holdings Inc and Acero Junction Inc for the acquisition, the steelmaker said in a statement.

The deal comes shortly after the steelmaker's U.S. unit signed an agreement on Monday with the Texas governor's office to invest $500 million to build out its operations in Texas, amid heightened global trade tensions following U.S President Donald Trump's decision to pursue steep import tariffs.

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| Edited by: Ahona Sengupta
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