Commits Rs 43,000 crore investment to expand Karnataka’s Vijayanagar plant into the world’s largest and most advanced steel plant, incorporating AI, robotics, and top-quality electrical steel production.
Bengaluru, NFAPost: JSW Steel, owned by JSW Group Chairman Sajjan Jindal, has emerged as the world’s most valuable steelmaker, boasting a market capitalisation (mcap) of nearly $30.31 billion, according to Bloomberg data.
The milestone sees the Indian major outpacing industry titans such as L N Mittal-owned ArcelorMittal, the world’s biggest steelmaker, at $27.14 billion, and Nucor Corporation of the US at $29.4 billion.
While JSW Steel leads in mcap, ArcelorMittal remains appreciably ahead in revenue, reporting $62.4 billion over the past 12 months compared to JSW’s $21.1 billion. The disparity in valuation metrics is striking: JSW Steel trades at a price-to-earnings ratio of 28.5x, markedly higher than ArcelorMittal’s 20.3x.
Founded in 1907, Tata Steel, a subsidiary of Tata Sons, ranks fifth in mcap at $23 billion, according to Bloomberg data. The shift in rankings reflects the evolving dynamics of the global steel industry, where Indian producers are increasingly asserting their presence, industry experts say. ArcelorMittal has a capacity of 81 mtpa, while Nucor Corp has a capacity of 27 mtpa.
Parth Jindal, managing director of JSW Cement and JSW Paints, took to social media platform X to express his pride: “Extremely proud to share that JSW Steel has become the largest steel company in the world in terms of mcap — so proud of all the hard work put in by papa @sajjanjindal, Ma @SangitaSJindal, and the entire @TheJSWGroup family — we are humbled and will not stop at this.”
Over the past three decades, JSW Steel has evolved from a single manufacturing unit in Karnataka into India’s largest integrated steel producer, with a total capacity of 35.7 million tonnes per annum (mtpa) across India and the US, including 6 mtpa currently under commissioning in India.
The company has expanded through strategic acquisitions, including Ispat Industries and Bhushan Power & Steel, cementing its position in the steel industry. JSW began its steel production by setting up the first steel plant in Karnataka.
JSW Group Chairman Sajjan Jindal said Karnataka is his Karmabhoomi as he expanded JSW presence by setting up Jindal Vijayanagar Steel Limited (JVSL) in 1994 with its plant located at Torangallu in the Bellary-Hospet area in the state, the heart of the iron ore belt and spread over 10,000 acres (40 km2) of land.
During the Invest Karnataka 2025 summit, JSW Group Chairman Sajjan Jindal announced Rs 43,000 crore investment to expand Vijayanagar into the world’s largest and most advanced steel plant, incorporating AI, robotics, and top-quality electrical steel production.
The company signed MoU of Rs 1 lakh crore with Karnataka state government in the areas of energy, infrastructure, cement and paints. The group aims to bolster Karnataka’s industrial and economic landscape while creating thousands of employment opportunities. The company already invested over Rs 1.2 lakh crore and created more than 100,000 jobs.
Looking ahead, JSW Steel plans to increase its production capacity to 51.5 mtpa by the financial year ending March 2031, with 50 mtpa located in India. The company’s rapid expansion aligns with broader industrial growth in the country, driven by infrastructure investments and a burgeoning domestic market.
On March 18, India’s Directorate General of Trade Remedies recommended a 12% safeguard duty for 200 days on certain non-alloy and alloy steel flat products. If approved by the Department of Revenue in the finance ministry, the measure is expected to benefit domestic producers such as JSW Steel and Tata Steel by enhancing margins amid a flood of low-cost imports.
In a separate development, JSW Steel informed stock exchanges on Tuesday that it will tender over 220 million shares in its Italian subsidiary, Piombino Steel, under a proposed buyback offer worth Rs 1,676.45 crore. The move is part of the company’s broader strategy to optimise its global operations.
JSW holds 5.08 billion equity shares in PSL, constituting 83.28% of its total equity shareholding. The move is aimed at strengthening the balance sheet, JSW mentioned in the notice.
Piombino has approved a buyback of 222,636,000 fully paid-up equity shares of Rs 10 each at a price of Rs 75.3 per share, aggregating to a total consideration not exceeding Rs 1,676.45 crore.
The JSW Steel board also approved a proposal to transfer its Salav unit in Maharashtra, which has a direct reduced iron capacity of 0.9 mtpa, to JSW Green Steel, its wholly owned subsidiary, on a slump sale basis.
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