As reported by Bloomberg, Japan’s JFE Steel Corp is of the view that the Indian steel industry will outpace the Chinese steel industry in the future. JFE Steel Corp targets to occupy a leading position among foreign steel manufacturers in the country.
Japanese steelmaker JFE Steel unveiled their largest foreign investment to date in India in December last year, to the tune of close to $2 billion. This move has been driven by their belief that it is in India that they will find the greatest growth opportunities for steel. JFE Steel’s Executive Vice President, Hiroyuki Ogawa, informed an agency that until now, they have not yet found another market similar to India’s, although they are also considering the United States market.
In December, the company, named JFE Steel, decided to invest 157.5 billion rupees in the joint venture project with India's JSW Steel. The acquisition includes the sale of the integrated steel unit belonging to Bhushan Power and Steel Limited, which is based in the state of Odisha, India.
The joint venture aims to raise the steel production capacity of the factory to 10 million tonnes by 2030, and may increase the capacity up to 15 million tonnes in the future. As stated by Ogawa, the operation of the business is expected to commence not later than 2029 or 2030.
The executive vice president has also voiced optimism about India’s capacity to effectively deal with the problem of cheap Chinese steel imports to the country and supported the Indian initiatives to develop steel industries in the country by adopting policies that promote steel production in the country.
JFE Steel’s target international business profits for fiscal 2034/35 are set at ¥200 billion ($1.3 billion), of which at least 25% will be derived from the Indian joint venture.
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BASUNDE, Rohini（Global PR & Reporter ）
Based in India, Rohini works as a Reporter and Global PR professional,
leveraging her strong background in culture, society, and media studies.
Her work primarily involves article writing and managing global public relations campaigns.
Her core areas of interest are multiculturalism, intercultural understanding, and cross-cultural communication,
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