Japan-based steelmaker JFE Steel Corporation has announced that, together with India-based JSW Steel Limited, it has been working together to establish a production system for grain-oriented electrical steel sheets (GOES) in India.
In line with these efforts, the companies’ India-based joint venture JSW JFE Electrical Steel Private Limited, established in February, has signed an agreement with German steelmaker Thyssenkrupp to acquire 100 percent shares in cold rolled grain-oriented electrical steel sheet producer Thyssenkrupp Electrical Steel India Private Limited. The acquisition worth INR 40.5 billion ($481.71 million) is subject to approval from the Indian authorities.
JSW JFE Electrical Steel Private Limited plans to commence full production in 2027. Through this acquisition, the company will enter the Indian market for grain-oriented electrical steel sheets earlier than originally planned and will promptly establish an integrated system from manufacturing to sales of the given products in India to meet the growing demand in the future.
JFE Steel noted that demand for high-grade electrical steel sheet is expected to continue to increase worldwide as automobiles become more electrified and renewable energy is introduced more widely.
