Japanese steel colossus JFE Holdings Inc. is planning to invest approximately Yen 700 billion ($7.8 billion) in the coming two years to maintain domestic mills but also mainly to expand in emerging countries, the Japanese press has reported.
A local report stated that about 90 percent of the investments of the company in the fiscal year 2010-11 will be made in JFE's steel business, to be used to buy shares in other businesses and attract more customers.
The company is in talks with India's JSW Steel on strengthening their ties and buying stakes, the report said, adding that JFE is to acquire a 24 percent interest in Chinese pipe-maker Pancheng Yihong Pipe Co.