JSW Steel Forms Joint Venture with JFE

JSW Steel and JFE Steel Corp.

are teaming up to create a new company called JSW Kalinga Steel.

This new company will take over Bhushan Power & Steel Ltd (BPSL), which makes steel.

JSW Steel bought BPSL a few years ago and has been working to make it better.

The deal will help JSW Steel reduce its debt and use the money for new projects.

JFE Steel will get a bigger presence in India.

The new company will have the potential to make even more steel in the future.

Both companies are excited about the opportunities this partnership will bring.

In other news, JSW Steel reported a 5% increase in crude steel production in November, with a net output of 24.39 lakh tonnes.

However, their capacity utilisation slowed to 84% due to a shutdown at the Vijaynagar facility for upgrades.

The company's share price has seen a decline in the last month but has gained over the past year.