Czech Republic-based plate producer Vitkovice Steel has announced that Jindal Steel International, a subsidiary of India-based steelmaker Jindal Group, will be the new owner of the company by buying out shares from the previous owners. The investor's entry has yet to be assessed by the antimonopoly authority.
Vitkovice Steel is Jindal Group's first European acquisition. The group plans to invest up to €150 million in the development of the company in the coming years, mainly in the expansion of the capacity of rolled sheets and the production of products with higher added value.
“It is a strategic step and we are convinced that it will strengthen the company and the Czech steel industry. The new industrial owner will bring stabilization and, above all, development to the company in the form of massive investments in the modernization and expansion of production technologies, the sharing of foreign know-how and the direction of ecologically produced low-emission steel,” Radek Strouhal, CEO of Vítkovice Steel, said.
