Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Indian steelmaker JSW Steel has denied interest in assets belonging to Sajeev Gupta’s Liberty Steel in Britain. The statement filed with the Indian stock exchange by the former comes after reports on May 22 suggested that the Indian steelmaker is considering bids to buy Liberty Steel’s mills.

JSW called the reports misleading, mischievous and speculative. On Saturday, the steelmaker stated that its focus remains on India at present, and is not looking at acquiring overseas assets. The steelmaker, however, is reported to have plans to spend Rs464.57mn in the next three years and expand its annual capacity to 38mn mt. Capex plans include capacity expansion at its Dolvi plant in Maharashtra, adding 5mn mt capacity at Vijaynagar plant in Karnataka, and building mining infrastructure in Odisha.

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