JSW Steel Open to Acquisitions to Expand Capacity

JSW Steel today said it is open to expansions through acquisitions besides augmenting present
capacities.
     
The statement follows reports that the steel major is in advanced stages of acquiring London Mining.
     
"We do not offer any comments on market rumours and speculation, however as a long term strategy, we would like to expand both organically by means of brownfield and greenfield expansions and inorganically by acquiring some existing assets," the company said in a filing to the BSE.
     
"In that perspective, we keep scanning suitable opportunities, which have a strategic fit," the company said.
     
The BSE had sought clarification from the company with regard to media reports on London Mining acquisition.
     
As per reports, Indian conglomerate Jindal Group is considering a last-minute move to acquire the debt-ridden UK firm London Mining.
     
The company has been battling big debts, crashing iron-ore prices and the Ebola outbreak in Africa, where it operates a mine.

London Mining operates a small mine in Sierra Leone producing high grade iron-ore but is expensive to run. Sierra Leone is one of the worst-affected African nations by the ebola pandemic.