JSW Steel to buy US firm

“JSW Steel has identified certain coking coal assets in the US and the Board has approved the acquisition,” JSW Group CFO and Joint Managing Director of JSW Steel, Sheshagiri Rao, told reporters here.

“We have raised US$100-million for the acquisition from internal accruals and debt. Production may start at 1-million tonnes a year and increase to 3-million tonnes by the third-year. These mines are owned by a string of companies in the US,” Sheshagiri Rao said.

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