JSW Steel to buy US's Acero Junction Holdings for $81 mn

Indian steel major JSW Steel on Thursday said it has entered into an agreement to acquire US-based Acero Junction Holdings for $80.85 million.

"JSW Steel has entered into a stock purchase agreement dated March 28, 2018 with JSM International, Acero Junction Holdings Inc and Acero Junction Inc for the acquisition of 100 per cent shares of Acero Junction Holdings Inc, a Delaware Corporation, for a cash considertion of upto $80.85 million," the company said in a BSE filing.

"The acquisition of Acero provides a unique opportunity for the company to establish its presence in Ohio, US and gain deeper access to the Northern American market," it said.

Earlier on March 26, the steel major's US arm signed an agreement with the Texas Governor's office to invest upto $500 million in phases to develop its steel manufacturing infrastructure in Baytown, Texas.