The world’s fifth-largest steelmaker JFE Steel Corporation of Japan hopes to continue to strengthen India’s third largest steel manufacturer JSW alliance, or by increasing the latter’s stake or strengthen the position of the board of directors.
JFE JSW Steel hopes to become a stock company, but the JSW did not give any response to this.Under the equity method of accounting rules, if the JFE’s stake in JSW in more than 15%, or strengthen the position of the board of directors, the JFE Steel Corporation in the consolidated income and profits in JSW to be reported partial results.FE steel company in 2010 spent $ 1 billion acquisition of 14.9% stake in JSW to the rapid growth of the Indian market to win a place.14.9% is based on the time on a public bid, to not reach 15% ownership cap.After India received law was amended to limit the public offer of shares increased to 25%, but does not seem to get the government nod.
JFE plans to be joined JSW Steel bars in India Salboni integrated projects, including co-production of automotive steel technology, the two sides are still in talks on stake.Than India, JFE is also committed to the Middle East, Africa, local businesses, is planning to build the next few years overseas produce 100 million tons of crude steel can be a large blast furnace, the equivalent of Japan’s total domestic steel production to gradually reduce the export of steelvolume.South Korea’s Pohang Steel to build steel mills in India are also stepping up to.
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