JFE Steel & JSW Steel propose Grain Oriented Steel JV in India
JFE Steel Corporation has signed a Memorandum of Understanding to conduct a Feasibility Study with JSW Steel Limited (JSW) to establish a Grain Oriented Electrical Steel Sheet Manufacturing & Sales Joint-Venture Company in India.
The plan is to complete the study within the current 2021 fiscal year and take appropriate steps to set up the Company subject to requisite approvals.
JFE Steel is actively seeking to expand its global supply capacity through direct participation in overseas growth markets in alliance with outstanding local partners. The Company has continued to deepen its alliance with JSW since they signed a comprehensive Strategic Collaboration Agreement in 2009, under which JFE Steel has taken an equity stake in JSW and is providing Technical Cooperation with regard to Automotive Steel Products and Environmental measures.
In 2012 JFE and JSW entered into an Agreement where JFE has provided technology for the production of non-oriented electrical steel sheets, which has enabled JSW to become India’s leading supplier in this field.
In view of the steadily increasing demand for electric power, the growing adoption of renewable energy and the electrification of automobiles, continued growth globally and in India is forecasted for grain-oriented electrical steel sheet used in transformers.
Grain-oriented electrical steel sheet exhibits superb magnetic properties in a single (rolling) direction, making it ideal for the iron cores of power transformers, etc.
Source: JFE Steel