March 29, 2018 / 4:49 AM / a month ago

JSW Steel to buy U.S.-based Acero Junction for $81 million

(Reuters) - India’s JSW Steel Ltd said on Thursday it agreed to buy Acero Junction Holdings for $80.85 million, as it looks to expand its operations in the United States.

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

JSW Steel 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. here

The deal comes shortly after the steelmaker’s U.S. unit 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 U.S President Donald Trump’s decision to pursue steep import tariffs.

Reporting by Vishal Sridhar in Bengaluru, Editing by Sherry Jacob-Phillips

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