India's JSW Steel Ltd. agreed to acquire Acero Junction Holdings Inc. for US$80.9 million as part of an expansion drive in the U.S.
"The acquisition of Acero provides a unique opportunity for the company to establish its presence in Ohio, United States and gain deeper access to the North American market," JSW said in a March 29 statement.
Acero's assets include an electric arc furnace producing hot-rolled coils as well as a 3 million-tonne-per-annum hot strip mill.
The company expects to close the deal in 60 days, subject to satisfaction of certain conditions.
JSW recently signed a memorandum of understanding to invest up to US$500 million in expanding its Texas operations.