JSW Steel looks to boost raw material security with new iron ore, coking coal assets

JSW Steel is ramping up efforts to enhance its in-house raw material availability through a mix of domestic expansion and strategic offshore acquisitions, Joint Managing Director and CEO Jayant Acharya has said.

"We continue to strengthen that piece through a well-diversified portfolio of iron ore and coking coal assets," Acharya said during an investor call.

Iron ore and coking coal are the two key raw materials used for manufacturing steel through the blast furnace route. While iron ore is available in abundance in the country, Indian steel makers remain heavily dependent on imports of coking coal.

He highlighted that the company recently increased its stake in Australia's Illawarra coking coal asset from 20 per cent to 30 per cent, ensuring a steady offtake of high-quality coking coal.

Additionally, JSW Steel is in the process of acquiring the Minas de Revuboe Project in Mozambique, a move aimed at securing access to premium low-volatile (PLV) high-grade coking coal.

We expect this acquisition to close in the current financial year," Acharya added.

Domestically, the steelmaker is focused on expanding its iron ore capacity. At present, JSW Steel operates 12 iron ore mines, nine in Karnataka and three in Odisha.