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Japan's JFE may form electromagnetic steel sheet JV with JSW in India

Japan's JFE may form electromagnetic steel sheet JV with JSW in India

The logo of JSW is seen on the company's headquarters in Mumbai, India, February 11, 2016. REUTERS/Danish Siddiqui/Files

TOKYO: Japan's second-biggest steelmaker JFE Holdings Inc said on Friday it will study feasibility of forming a joint venture with its Indian partner JSW Steel to produce and sell electromagnetic steel sheet used in transformers in India.

"Demand for electromagnetic steel sheet is expected to grow in parallel with soaring demand for electric power in India," JFE Holdings President Koji Kakigi told a news conference on its new mid-term business plan.

"We will be able to dominate the Indian (electromagnetic steel sheet) market by sharing our cutting-edge technology," he said, adding that they aim to make a final decision on the project by the end of next March.

(Reporting by Yuka Obayashi; Editing by Toby Chopra)

Source: Reuters

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