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Our Bureau

Mumbai, Aug. 20 The board of JSW Steel Ltd will consider acquisition of a plate mill in the US.

Sources said the board will go through the due diligence reports on the plate, double jointing and coating and pipe mill facilities of Jindal SAW, which is owned by Mr Prithviraj, elder brother of Mr Sajjan Jindal, Vice-Chairman and Managing Director, JSW.

Jindal SAW’s plate mill has a rolling capacity of 1.5 million tonnes and caters to the US market.

The sources said the acquisition of prime property belonging to Orbit Corporation in Kalinga here was also high on the board’s agenda. Orbit bought the land from Gujarat Ambuja Cements for Rs 333 crore earlier this year.

JSW informed BSE that its board would meet on Tuesday to evaluate the feasibility of the acquisition.

Major steel companies in India are looking forward to expand on the back of a booming economy.

Mr Sajjan Jindal recently said that lower inflation reported recently is expected to result in a lower interest rate regime which will spur growth in the automobile and retail sector, a big positive for the steel industry.

Steel prices are expected to remain stable and might pick up from the third quarter.

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