JSW Steel Ltd has agreed to buy Acero Junction Holdings for $80.85 million, as the company looks to expand its operations in the United States.
JSW Steel had 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 today.
The deal comes shortly after the steelmaker’s US unit had 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 US President Donald Trump’s decision to pursue steep import tariffs.