JSW Steel

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JSW Steel Limited is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group.[1] After the merger of Bhushan Power & Steel, and Ispat Steel and Jindal Vijayanagar Steel Limited, JSW Steel became one of India's largest private sector steel companies.[2]

History

JSW Steel's history can be traced back to 1982, when the Jindal Group acquired Piramal Steel Limited, which operated a mini steel mill at Tarapur in Maharashtra and renamed it as Jindal Iron and Steel Company (JISCO).[3] Soon after the acquisition the group set up its first steel plant in 1982 at Vasind, near Mumbai.[4]

Later, in 1994, Jindal Vijayanagar Steel Limited (JVSL) was set up with its plant located at Toranagallu in the Bellary-Hospet area in the State of Karnataka, the heart of the iron ore belt and spread over Template:Convert of land. It is well connected to both the Mormugao Port and Mangalore Port and is 340 kilometres from Bangalore. It is said to be the sixth largest steel plant in the world.[3]

In the year 2005, JISCO and JVSL merged to form JSW Steel Limited.[5] It also set up a plant at Salem with an annual capacity of 1 million tonnes.[1]

Operations

As of July 2023, the installed with a production capacity of 29.7 MTPA in India and the United States.[6] The company is aiming to boost the total steel production capacity to 38.5 MTPA by the financial year 2025.[7]

As of April 2023, nearly 98% of JSW Steel's revenue comes from steel and related products — long rolled products (18%), galvanised coils/sheets (15%), CR coils/sheets (9%), plates/pipes (5%), other miscellaneous steel products (5%), and iron ore (2%), in that order. Overall, 70% of revenue is derived from India, and 30% is from overseas.[8] The company historical emphasis has primarily been on flat products, stemming from its origins in a cold rolling mill. As part of its corporate strategy, the company typically directs half of its flat products to downstream facilities for additional value-enhancing processes like galvanizing, coating, or tinning.[9]


JSW Steel plans to utilize energy from a forthcoming 3,800-tonne hydrogen plant at its Vijayanagar facility, aiming to provide green steel at a premium price. The company has established an agreement with its affiliate, JSW Energy, to procure green hydrogen and green oxygen for the production of sustainable steel.[10][11] Additionally, the company will earn carbon credits based on the amount of conventional thermal power that is substituted with green energy.[12] By 2030, the company plans to set up a green steel plant to comply with the European Union’s Carbon Border Adjustment Mechanism[13] and gradually reduce it use of blast furnaces throughout its value chain.[14]

Plants

  • JSW Vijaynagar Works (also known as Integrated Steel Plant, Vijaynagar): It is a flagship plant of the company, which also stands as the largest single-location steel manufacturing unit across India.[15] At present, the plant is in the midst of a brownfield expansion aimed at increasing its current capacity from 13 MTPA to 18 MTPA by FY24. This expansion will cover 600 acres and involve the addition of a 4.5 MTPA blast furnace, two steel melt shops of 350 tonnes each, a 5 MTPA hot strip mill, alongside various other related facilities.[16] In 2017-2018, a new ladle furnace slag recycling process was adopted at Vijayanagar Works as part of a new environmental and waste disposal strategy. The slag was stabilized using an alumina-based ladle-covering compound. The trials were conducted in two phases.[17] Firstly, to prevent the dusting phenomenon in Al-killed steel ladle slag and generate lump slag, a suitable ladle covering compound was selected, and the slag was chemically modified. Secondly, the lump slag was utilized as a 100% replacement for synthetic slag in Si-killed steel ladles, reducing specific consumption from 1.2 kg per ton of liquid steel to zero.[17] The report highlighted eliminating specific synthetic slag consumption at 1.2 kg per ton of liquid steel.[18]
  • JSW Dolvi Works (also known as Integrated Steel Plant, Dolvi): This plant was acquired by the company in 2010 from Ispat Steel for $3 billion. It was first Indian steel plant to adopt a combination of ConArc technology for both steel-making and compact strip production.[19] Whereas a blast furnace transforms iron ore into steel, ConArc utilizes iron pellets, which are essentially one step processed iron ore.[20] In 2022, Dolvi Works obtained security protection from the Central Industrial Security Force. At that time, it was the 13th industrial facility in the private sector in India to be placed under CISF security apparatus.[21]
  • JSW Sambalpur Works (also known as Integrated Steel Plant, Rengali): This plant was acquired by the company in 2019 after the liquidation of Bhushan Power & Steel by National Company Law Tribunal.[22][23] It added 3.5 MTPA to overall steel production capacity of the company.[22]
  • JSW Salav Works: This plant was previously was owned by Welspun Group and it was purchased by the JSW Steel in 2014 for Template:INRConvert. It is located in near vicinity (within 40 km) of the JSW Dolvi Works.[24]
  • JSW Kalmeshwar Works: It is India's first coated steel manufacturing facility, producing galvanized, Galvalume, and pre-painted galvanized/galvalume steel. The plant was acquired by the company from Ispat Steel, is situated 30 kilometers from Nagpur in Central India.[25]
  • JSW Tarapur Works: It is country's largest single location coated steel plant which manufactures of ultra thin coated products such as pre-painted galvanised/galvalume, galvanised and bare galvalume steel. It is located about 100 kilometers from Mumbai.Template:Citation needed
  • JSW Vasind Works: The facility, situated 70 kilometers from Mumbai, is a complex equipped with cold rolling, galvanizing, and color coating capabilities.Template:Citation needed
  • JSW Salem Works: The plant is located 350 kilometers from Chennai, is known for producing special alloy steel.Template:Citation needed

Merger and acquisitions

In 2007, JSW Steel formed a joint venture for a steel plant in Georgia.[26] Any by 2020, it sold of 39 percent stake which it held in JV to Georgian Steel Group Holdings Limited.[27]

In 2009, Japan's JFE Steel, entered into a strategic partnership with JSW Steel to produce automotive steel products.[28]

In 2014, it acquired Welspun Maxsteel Limited in a deal valued at around INR 1,000 Crores.[29][30]

In 2018, JSW Steel Italy acquired 100% shares of Aferpi S.p.A, Piombino Logistics, and 69.27% of GSI Lucchini S.p.A's share capital from Cevitaly S.r.l for €55 million.[31]

In 2019, JSW Steel acquired Bhushan Power & Steel. This resulted in the absorption of an integrated steel plant in Rengali, Sambalpur, with a capacity of 2.5 million tonnes annually.[32]

in 2020, JSW Ispat Steel was acquired by JSW Steel, 20 months after the latter acquired a controlling stake in Monnet Ispat Industries.[33]

In April 2021, the company acquired Plate and Coil Mill Division (PCMD) of Welspun Corp for a sum of ₹848.5 cr.[34][35]

In October 2021, JSW Steel acquired 51% stake in Neotrex Steel from JSW Group promoters and entered into an under-construction project to manufacture Low Relaxation Prestressed Concrete (LRPC).[36]

In October 2022, JSW Steel initiated a process to acquire Central-India based National Steel & Agro (NSAIL) through resolution plan submitted under the corporate insolvency resolution process. The company makes flat steel products such as cold-rolled coil, galvanised corrugated sheets, colour coil and pre-painted profile sheets and owes lenders over Rs 1,600 crore.[37][38] In May 2023, the company got the final nod from National Company Law Tribunal for the acquisition.[39]

In January 2023, JSW Steel entered into an agreement via one of its subsidiary to acquire 31 percent stake in startup Ayena Innovation which deals in home furnishings and interior decoration sector.[40][41]

In May 2023, JSW Steel reached an in-principle agreement with JFE Steel to establish a 50:50 joint venture to manufacture cold-rolled grain-oriented (CRGO) electrical steel in India.[42][43]

In March 2024, JSW Steel Italy SRL inked an MoU with the Government of Italy to invest €140 million in restarting production at the Piombino plant.[44] JSW Steel's fate in Italy hinged largely on contracts from Italian railway authorities. Faced with this uncertainty and rising costs due to geopolitical issues like the Russo-Ukrainian War, the company explored disinvestment.[45] However, this new agreement aims to double rail-making capacity to 600,000 tonnes per year in Piombino, enhancing local employment and reducing imports. Investments will modernize the rail mill with a tandem mill, head hardening facility, and longer rails (from 108 to 120 meters).[44]

Mining acquisitions

JSW Steel currently possesses a total of 13 iron ore mines, with nine located in Karnataka and four in Odisha. Additionally, they have obtained three coking coal mines. During the fiscal year 2022, the company fulfilled 43% of its iron ore needs from its own mines.[46]

In May 2023, JSW Steel bagged iron ore blocks in the Surjagarh area of Maoist-affected Gadchiroli district in Maharashtra after bidding for a composite license through government auctions.[47]

As of 2023, discussions are underway between the company and BHP regarding the potential acquisition of the latter's Daunia and Faunus coking coal mines in Queensland. These mines possess a capacity of 20 million metric tons per annum (MTPA).[48] In the past, JSW Steel has additionally acquired mining assets in the United States,[49] the Republic of Chile,[50] and Mozambique.[51]

Based on the latest information as of August 2023, JSW Steel is actively seeking partners to put forth a proposal to acquire a 75% share in Teck Resources' coal mining assets.[52] This move could potentially compete with a substantial $8 billion bid made by the commodities giant Glencore.[53][54]

In 2024, media reports indicate that JSW Steel is vying against global steel giant Nippon Steel and other contenders to secure a 20% stake in Australia's Blackwater coal mine from Whitehaven Coal. Last October, Whitehaven acquired Blackwater and Daunia coal mines from BHP for $3.2 billion.[55][56]

Ownership

Largest shareholders (2026)[57]
Rank Name of owner Percentage ownership
1 JFE Holdings 15.00
2 O.P. Jindal Group of Cos. 10.82
3 JSW Holdings 7.418
4 Vividh Finvest 5.863
5 Life Insurance Corporation 5.328
Others 55.571
Total 100.00

Awards and recognitions

In media

Documentary

Further reading

References

  1. ↑ 1.0 1.1 Advanced Steels: The Recent Scenario in Steel Science and Technology{{#if:|, {{{last}}}}. Springer Science & Business Media(2011-04-14). ISBN 978-3-642-17665-4
  2. ↑ Top 10 steel companies in India (2025), Banerjee, Sohini. Tata nexarc Blog(2024-02-20). Retrieved 2025-08-05.
  3. ↑ 3.0 3.1 Emerging Trends in Commerce & Management{{#if:|, {{{last}}}}. Redshine Publication. ISBN 978-93-93239-35-8
  4. ↑ A STUDY ON MAJOR STEEL COMPANIES OF INDIA.. Towards Excellence({Template:Date).
  5. ↑ HC nod for Jisco & JVSL merger. The Economic Times. Retrieved 2022-09-24.
  6. ↑ JSW Steel posts 11% on-year growth in steel production during Q1FY24, Krishna, Tanya. Financialexpress(2023-07-06). Retrieved 2023-07-19.
  7. ↑ Steelmaker JSW 'bullish' on grabbing share of India's infrastructure boom. Financial Times(2023-04-16). Retrieved 2023-05-01.
  8. ↑ Equity Research Report: JSW Steel, Ghosh, Ashish. Sharescart.com(14 March 2023). Retrieved 2023-05-01.
  9. ↑ JSW Steel eyes higher share of long steel products in company's portfolio, Saha, Sambit. Telegraph India(19 August 2023). Retrieved 2023-08-19.
  10. ↑ JSW Steel to source hydrogen power in 18-24 months, P. Iyengar, Suresh. www.thehindubusinessline.com(2023-07-25). Retrieved 2023-08-19.
  11. ↑ Steel Ministry to review CBAM preparedness of India's steel mills, Law, Abhishek. BusinessLine(2023-08-22). Retrieved 2023-10-28.
  12. ↑ From dirty steel to green biz, how JSW Group is reinventing itself. The Economic Times(2023-04-25). Retrieved 2023-08-19.
  13. ↑ JSW readies for CBAM era with 4 mt green steel unit, Mishra, Naman Suri, Mihir. mint(2023-10-24). Retrieved 2023-10-28.
  14. ↑ JSW Steel Warns Europe Carbon Tariff Will Hurt Asia Firms. Bloomberg.com(2022-12-29). Retrieved 2023-10-28.
  15. ↑ JSW Steel to invest Rs 75 bn in Karnataka to expand Vijayanagar facility. Business Standard(27 June 2018). Retrieved 22 November 2023.
  16. ↑ JSW Steel to invest ₹15,000 cr in expanding Vijayanagar capacity by 5 mtpa, Iyengar, Suresh P.. BusinessLine(2022-01-07). Retrieved 2023-11-22.
  17. ↑ 17.0 17.1 From waste to wealth: recycling the secondary resource from steel ladle as a flux in Si-killed steelmaking process. Ironmaking & Steelmaking({Template:Date).
  18. ↑ Effect of recycling ladle furnace slag as flux on steel desulphurization during secondary steel making. Ironmaking & Steelmaking({Template:Date).
  19. ↑ JSW Steel starts production at Dolvi plant in Maharashtra. www.constructionworld.in. Retrieved 2023-11-22.
  20. ↑ Sajjan Jindal intends to script turnaround story of Ispat Industries. The Economic Times(2011-02-15). Retrieved 2023-11-22.
  21. ↑ JSW Group brings Dolvi Works under CISF cover. The Hindu(2022-06-10). Retrieved 2024-01-28.
  22. ↑ 22.0 22.1 NCLT approves JSW Steel's ₹19,700 crore bid for Bhushan Power & Steel. mint(2019-09-05). Retrieved 2023-11-22.
  23. ↑ JSW's conditional acquisition plan gets the nod of Bhushan Power and Steel lenders, Iyengar, Suresh P.. BusinessLine(2021-03-05). Retrieved 2023-11-22.
  24. ↑ JSW Steel to acquire Welspun Maxsteel for Rs1,000 crore, Sanjai, Ruchira Singh, P R.. mint(2014-08-18). Retrieved 2023-11-22.
  25. ↑ JSW Steel completes merger of JSW Ispat. The Economic Times(2013-06-03). Retrieved 2023-11-22.
  26. ↑ JSW Steel to set up Rs 165 cr JV in Georgia. The Economic Times. Retrieved 2022-09-24.
  27. ↑ JSW Steel arm completes sale of 39% stake in Georgian JV firm. The Economic Times. Retrieved 2022-09-24.
  28. ↑ JSW Steel, Japan's JFE Steel tie up to make car steel in India. The Economic Times. Retrieved 2022-09-24.
  29. ↑ JSW Steel to acquire Welspun Maxsteel Ltd in Rs 1,000-crore deal. The Economic Times. Retrieved 2022-09-24.
  30. ↑ JSW Steel completes acquisition of Welspun's steel business. www.thehindubusinessline.com(24 July 2021). Retrieved 2022-09-24.
  31. ↑ JSW buys Italy's Aferpi. The Economic Times(2018-05-18). Retrieved 2024-03-01.
  32. ↑ JSW acquires Bhushan Power & Steel; creditors get Rs19,350 crore, Dhanjal, Swaraj Singh. mint(2021-03-26). Retrieved 2022-10-31.
  33. ↑ Ispat merges with JSW Steel. The Business Standard(2012-09-02). Retrieved 2022-09-24.
  34. ↑ JSW Steel completes acquisition of Welspun's plates and coil mill business. The Economic Times. Retrieved 2022-10-31.
  35. ↑ JSW Steel completes acquisition of Welspun's steel business. www.thehindubusinessline.com(2021-07-24). Retrieved 2022-10-31.
  36. ↑ JSW Steel acquires Neotrex Steel. www.thehindubusinessline.com(2021-10-02). Retrieved 2022-10-31.
  37. ↑ JSW Steel Coated Products gets LoI for National Steel and Agro Industries, Reporter, B. S.. www.business-standard.com(2022-10-07). Retrieved 2023-02-24.
  38. ↑ JSW Steel entity to buy National Steel & Agro. The Economic Times(2022-10-08). Retrieved 2023-02-24.
  39. ↑ JSW Steel to acquire National Steel & Agro Industries. www.thehindubusinessline.com(2023-05-19). Retrieved 2023-05-20.
  40. ↑ JSW Steel arm enters into deal to buy 31 pc stake in startup Ayena. The Economic Times(2023-01-24). Retrieved 2023-02-24.
  41. ↑ JSW Steel arm buys stake in home furnishing start-up. www.thehindubusinessline.com(2023-01-25). Retrieved 2023-02-24.
  42. ↑ JSW Steel, JFE Steel to set up electrical steel manufacturing JV in India, Pillay, Amritha. Moneycontrol(2023-05-22). Retrieved 2023-06-12.
  43. ↑ JSW Steel, Japan's JFE Steel ink agreement to manufacture electrical steel in India. The Economic Times(2023-05-22). Retrieved 2023-06-12.
  44. ↑ 44.0 44.1 JSW Steel Italy to restart production at Piombino. BusinessLine(2024-03-01). Retrieved 2024-03-01.
  45. ↑ Rail orders critical for survival of JSW Steel's Italian biz: Company exec. Business Standard(5 June 2022). Retrieved 2 March 2024.
  46. ↑ JSW Group: Life Beyond Steel, John, Nevin. www.fortuneindia.com(2023-04-07). Retrieved 2023-05-21.
  47. ↑ JSW Steel, 4 others bag iron ore block in G'chiroli. The Times of India(2023-06-02). Retrieved 2023-06-12.
  48. ↑ JSW eyes coal mines of Australia's BHP Group in potential $1.5-2 billion deal. The Economic Times(2023-05-22). Retrieved 2023-06-12.
  49. ↑ JSW Steel completes coal mine buy in US. The Economic Times. Retrieved 2022-09-24.
  50. ↑ JSW gets mining rights in Chile for $52 million. Business Standard India(2008-01-17). Retrieved 2022-09-24.
  51. ↑ JSW acquires coal mines in Mozambique. The Times of India(August 16, 2006). Retrieved 2022-09-24.
  52. ↑ India's JSW Steel considers 75% interest in Teck's coal business. Reuters(2023-08-17). Retrieved 2023-08-19.
  53. ↑ India's JSW Weighs Majority Stake in Teck Coal Unit. Bloomberg.com(2023-08-17). Retrieved 2023-08-19.
  54. ↑ JSW weighs majority stake in Teck coal unit, Kurup, Rajesh. Financialexpress(2023-08-18). Retrieved 2023-08-19.
  55. ↑ JSW Steel eyes $1 billion stake in Australian coal mine, Iyengar, Suresh P.. BusinessLine(2024-02-19). Retrieved 2024-03-01.
  56. ↑ JSW Steel eyes stake in Australian mine, Kurup, Rajesh. Financialexpress(2024-02-20). Retrieved 2024-03-01.
  57. ↑ HDFC Bank Share Price - HDFC Bank Stock Price Live NSE, BSE | Angel one. Angelone. Retrieved 2026-04-09.
  58. ↑ Reliance Foundation, Tata Power, Apollo receive Porter Prize. The Economic Times(2015-09-28). Retrieved 2024-03-01.
  59. ↑ JSW Steel's Vijayanagar unit awarded the Deming Prize. www.thehindubusinessline.com(2018-11-22). Retrieved 2023-07-19.
  60. ↑ デミング賞受賞報告講演要旨 JSW STEEL LIMITED, SALEM WORKS, INDIA. Union of Japanese Scientists and Engineers(2019). Retrieved 19 July 2023.
  61. ↑ JSW Steel enters S&P DJSI Sustainability Index 2021 for Emerging Markets. The Times of India(2021-11-17). Retrieved 2023-07-19.
  62. ↑ worldsteel announces the 2022 Steel Sustainability Champions. worldsteel.org. Retrieved 2023-07-19.
  63. ↑ JSW Steel Ltd., a Great Place to Work. www.greatplacetowork.com. Retrieved 2023-07-19.
  64. ↑ JSW: Architect Of Dreams | Full Episode | National Geographic | #SajjanJindal(17 March 2024).
  65. ↑ Nat Geo India's new documentary 'JSW: Architect Of Dreams' delves into the journey of a steel company JSW(2024-03-16). Retrieved 2024-03-24.

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