Jindal Steel International, a subsidiary of the globally recognized Jindal Group, has acquired Vítkovice Steel, a leading heavy steel plate producer in the Czech Republic, marking the group's first major investment in Europe. The acquisition received approval from the Czech Republic's Office for the Protection of Competition (ÚOHS) on December 20, 2024, with the ownership transfer becoming official on January 1, 2025.
Located in Ostrava, Vítkovice Steel is the country’s sole producer of heavy steel plates, with an annual capacity of 800,000 tons. Operating as a re-roller since 2015, the company has sourced slabs from suppliers in Russia, Asia, and the EU. Moving forward, Vítkovice plans to increase its reliance on semi-finished products from Jindal’s facilities, according to company representatives.
Jindal Steel has announced plans to invest up to €150 million in the Ostrava facility over the coming years, focusing on expanding production capacity and developing high value-added products. Notably, there are no immediate plans to install a new electric arc furnace (EAF) or resume internal slab production.
Vítkovice Steel has previously faced ownership uncertainties due to alleged connections with Russian entities. In May 2022, the Czech Financial Analytical Office froze the company's assets over these concerns. However, after investigations found no confirmed links, the restrictions were lifted in August 2024, paving the way for Jindal's acquisition.
The CEO of Vítkovice Steel expressed confidence that the new ownership will bring stability, investments in production technologies, and advancements in environmentally friendly, low-emission steel production. This strategic acquisition enhances Jindal Steel's presence in the European market and signifies a new chapter for Vítkovice Steel.
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