India’s JSW Steel Limited is looking at acquiring iron ore and coking coal assets overseas while maintaining its priority of brownfield expansion of mineral blocks within the country, to achieve higher raw material security, a company official said on Tuesday, July 25.
The company is looking at bidding for coking coal and iron ore assets in Canada and Australia, as opportunities arise to align its raw material supply chain with plans to ramp up domestic steel making capacity to 50 million mt per year by 2030 from 28 million mt per year at present, the official said.
It might be noted that in the current year JSW Steel Limited has been successful in acquiring six iron ore blocks and two coking coal assets in the country through competitive bidding. The company has scheduled to bring the two coking coal blocks into production within the next two years.
According to media reports, the company is looking at possibilities of bidding for a stake in the coal unit of Teck Resources Limited, Canada.
The strategic goal is to ensure at least 75 percent of raw material requirements from captive assets against 45 percent at present, the official said.