JSW Steel and JFE Steel have finalized the acquisition of thyssenkrupp Electrical Steel India Private Ltd. in Nashik for approximately EUR 440 million.

The facility, located about 150 kilometers from Mumbai, employs around 500 people and specializes in producing grain-oriented electrical steel, a key material for transformers and large high-performance generators.

According to thyssenkrupp Steel CEO Dennis Grimm, the high cost of transporting raw materials from Germany to India made it challenging to sustain the plant’s long-term competitiveness. The sale was a strategic decision to ensure the site's future growth under new ownership while also strengthening thyssenkrupp’s capital base.