JSW Steel to acquire thyssenkrupp Electrical Steel India from thyssenkrupp for €440m.

JSW Steel, an India steel producer, agreed to acquire thyssenkrupp Electrical Steel India, a cold rolled grain oriented and cold rolled non-grain oriented electrical steel manufacturer, from thyssenkrupp. a steel distributor, for €440m. “The supply of raw materials from thyssenkrupp's German steelworks to India is cost-intensive and weakens our competitiveness in India in the long term. Setting up our own local raw material production is not economically feasible for us. Compared to our local competitors, we will not be able to achieve the same economies of scale by supplying from Germany. This is why the sale is the right step for us at the right time,” Dennis Grimm, thyssenkrupp Spokesman of the Executive Board.