JSW Steel signs MoU with JFE Steel.

To establish a Grain Oriented Electrical Steel Sheet Manufacturing and Sales Joint-Venture Company in India

JSW Steel today announced that it has signed a Memorandum of Understanding to conduct a Feasibility Study with JFE Steel Corporation, a Strategic Alliance Partner, to establish a Grain Oriented Electrical Steel Sheet Manufacturing and Sales Joint-Venture Company in India.

The plan is to complete the study within the current 2021 fiscal year and take appropriate steps to set up this JV company subject to requisite approvals.

JSW Steel and JFE Steel continue to deepen their alliance since they signed a comprehensive Strategic Collaboration Agreement in 2009, under which JFE Steel took an equity stake in JSW Steel, and has provided Technical Co-operation with regard to Automotive Steel Products. In the year 2012, JSW and JFE entered into an Agreement where JFE has provided technology for the production of non-oriented electrical steel sheets, which has enabled JSW to become India's leading supplier in this field.

BS