JFE Steel will install a large blast furnace at the steelworks it jointly operates with India's JSW Steel, doubling its current crude steel production capacity by 2030. It also announced that it will acquire a 50% stake in Bhushan Power & Steel.
On 23 [day of month], JFE Steel announced plans to install a new large blast furnace at the steelworks it jointly operates with Indian steelmaker JSW Steel. The new blast furnace is intended to double the steelworks' crude steel production capacity from its current level.
The announcement is said to reflect JFE's intention to position the Indian market as a pillar of growth and pursue expansion there amid a sluggish business environment in Japan.
In June, JFE acquired a 50% stake in Bhushan Power & Steel (BPSL), a subsidiary of JSW Steel, for 157.5 billion rupees (approximately ¥260 billion), creating a new joint-venture structure.
The move is viewed as potentially accelerating the expansion into India by Japanese steelmakers, including Nippon Steel, while attention is also considered necessary regarding the expansion of capital investment in India and supply-demand trends.