JSW Steel and JFE complete the acquisition of Thyssenkrupp’s electrical steel business in India

JFE Steel and JSW Steel have completed the acquisition of Thyssenkrupp Electrical Steel India through their joint venture JSW JFE Electrical Steel. This is reported by Kallanish.

The purchase price is estimated at $457 million. The company, which was owned by Thyssenkrupp, will focus on the production of granular electrical steel (GOES). This will allow the joint venture to enter the Indian market for these products ahead of schedule. JFE Steel and JSW Steel aim to meet India’s growing medium- and long-term demand for GOES while creating an integrated production and sales system.

The companies have strengthened their partnership since signing a strategic comprehensive agreement in 2009, collaborating in areas such as automotive steel solutions, environmental initiatives, technology transfer and joint ventures.

According to media reports, the acquisition includes the transfer of a technology package from Thyssenkrupp.

Thyssenkrupp Steel announced the sale of its Indian electrical steel division in October 2024, justifying it with market and strategic considerations.

As GMK Center reported earlier, JSW Steel and South Korea’s POSCO intend to jointly invest Rs 650 billion (about $7.73 billion) in the construction of a steel plant in Odisha. The plant, with an initial capacity of 5 million tons per year, will be part of their strategy in the growing Indian steel market.