JSW has entered into an agreement with JSM International, Acero Junction Holdings and Acero Junction Inc. to acquire 100 percent of US-based Acero Junction for a cash payment of $80.85 million. The deal is expected to be completed in the next 60 days subject to regulatory approval.
Acero Junction operates a three-million mt hot strip mill in Ohio along with an EAF that is expected to begin operations in 2018.
The deal gives JSW Steel an opportunity to get a manufacturing presence in the US and gain deeper access into the North American market, the company said in a notification to the stock exchanges.