JSW Steel to buy US-based Acero Junction for $81 million1 min read . Updated: 29 Mar 2018, 11:57 AM IST
JSW Steel signs a stock purchase agreement with JSM International, Acero Junction Holdings and Acero Junction for the acquisition
JSW Steel Ltd said on Thursday that it has agreed to buy Acero Junction Holdings for $80.85 million, as it looks to expand its operations in the United States.
JSW Steel entered into a stock purchase agreement on Wednesday with JSM International Ltd, Acero Junction Holdings Inc. and Acero Junction Inc. for the acquisition, the steelmaker said in a statement.
The deal comes shortly after the steelmaker’s US unit signed an agreement on Monday with the Texas governor’s office to invest $500 million to build out its operations in Texas, amid heightened global trade tensions following U.S President Donald Trump’s decision to pursue steep import tariffs.