JSW Steel and JFE Steel Corp ink pact to conduct feasibility study
JSW Steel has signed a Memorandum of Understanding (MoU) to lead a feasibility study with JFE Steel Corporation to build a grain-oriented electrical steel sheet production and sales joint enterprise company in India.
The steel major told the media that JSW and JFE Steel continue to expand the partnership since they approved a comprehensive strategic collaboration agreement in 2009, where JFE Steel took an investment stake in JSW Steel and provided technical cooperation concerning automotive steel products.
As per JSW, the approach is towards finishing the study in FY2021 and taking proper steps to establish the joint venture company subject to requisite permissions.
JSW Steel also said that because of the steadily growing demand for electric power, the increasing selection of renewable energy and electrification of vehicles, a constant increase is anticipated in India and universally for grain-oriented electrical steel sheets used in transformers.
Grain-oriented electrical steel is a necessary element in the manufacturing of energy-efficient transformers and high-production generators. It exhibits exceptional magnetic properties in a single (rolling) way making it ideal for the iron cores of power transformers.