JSW Steel to Acquire JFE Steel’s Shares in 1-2 Years

Nippon Steel’s president Shoji Muneoka indicated the firm could invest in potential iron making joint venture in India with Tata Steel. Nippon Steel was asked from Tata Steel’s managing director H. M. Nerurkar for cooperation in upper stream project. Mr. Muneoka said the option is possible.

Mr. Muneoka said the firm didn’t decide the upper stream project but if the firm would provide support, the firm provides more than only technical support. The potential cooperation in upper stream is in expansion of Tata Steel’s existing steel works or new steel works project. They keep talking for detail of the potential project.

Their joint working effort is realizing in down stream operation when they agreed in April to establish the joint venture to make automotive cold rolled flat steel. Tata Steel plans to start integrated steel works in Orissa in 2013-14. The 2 steps project has total 6 million tonnes of annual raw steel making capacity. The firm plans to expand the annual output capacity of existing works in Jamshedpur from current 7 million tonnes to 10 million tonnes in 2012.