Japan-based JFE Steel Limited will decide before the end of this year on a proposed joint venture with India’s JSW Steel Limited for construction of a plant for the manufacture of electrical steel sheets for power transformers, JFE Steel president Koji Kakigi said in a statement on Monday, September 12.
The JFE president said that the Japanese steel company is keen to enter the high-growth Indian steel sector with an offer of advanced steel products that will boost power generation.
“We are thinking of developing a business in the higher-end field, using our technology, to create demand for grain-oriented electrical steel sheet together with JSW,” Mr. Kakigi said.
JFE said last year it would conduct a feasibility study on forming a joint venture with JSW Steel, in which JFE would hold a 15 percent equity stake, to produce steel sheets as demand for electric power in India is soaring.