Japan’s JFE Steel Corp is planning a significant expansion in India, betting that the country’s steel output will surpass China’s in the long run. The company aims to become the largest foreign steel producer in India, citing rapid urbanisation, strong demand growth and supportive government policies.
JFE recently announced its largest-ever overseas investment of nearly $2 billion in India. A key part of this strategy is its joint venture with JSW Steel, under which JFE will invest ₹15,750 crore for a 50% stake in Bhushan Power & Steel Ltd. The Odisha-based plant’s capacity could be expanded from 4.5 million tonnes to 15 million tonnes, making it one of India’s largest integrated steel facilities, with commercial operations targeted by 2029–30.
The partnership builds on JFE’s long association with JSW since 2010 and leverages JSW’s strong execution track record. JFE also expressed confidence in India’s policy stance to counter low-cost steel imports from China.
