Periama completes acquisition of remaining 10% stake in JSW Steel’s USA arm

Before the acquisition, 90 per cent of the stake in JSW USA was held by Periama and the remaining 10 per cent by Green Suppliers and Services Pte Limited. In October this year, JSW Steel announced that Green Suppliers and Services Pte Ltd has approached Periama about their intention to sell their stake in JSW USA.

“In view of Green Suppliers and Services Pte Limited intending to exit from their investment in JSW USA, the board of JSW Steel Limited has in its meeting held today, approved the proposal to acquire the remaining 10 per cent stake in the common stock of JSW USA by Periama,” the company had then announced. It also said that the acquisition is expected to take place before December 31, 2023.

On Wednesday, the company said, “We would like to inform you that Periama has on December 18, 2023 (US Time) completed the acquisition by purchase of the remaining 10 per cent stake in the common stock of JSW USA.”

JSW USA is based in Baytown, Texas, and manufactures plate, pipes, double-joining, and coating facilities. It has a 1.2 million net tonne per annum steel plate mill and 0.55 million net tonne per annum pipe-making capacity.

In its earlier announcement, the company said that the price of acquisition would be $1,000. On Tuesday, as of 11 am, JSW Steel’s shares were trading 0.63 per cent in the red at Rs 849.30 apiece on BSE.  

First Published: Dec 19 2023 | 11:13 AM IST