Japan's JFE may buy into JSW Steel

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Japan's JFE may buy into JSW Steel

Japan's JFE Steel Corp, a unit of JFE Holdings, is close to buying a minority stake in India's third-largest steelmaker, JSW Steel, two Indian papers reported on Thursday citing unnamed sources.

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Japan's JFE Steel Corp, a unit of JFE Holdings, is close to buying a minority stake in India's third-largest steelmaker, JSW Steel , two Indian papers reported on Thursday citing unnamed sources.

As part of the deal to be announced Thursday, JFE, the world's No 6 steelmaker, was likely to supply technology to help the Indian firm make auto-grade steel, the DNA paper said.

JSW Steel officials could not be reached for comments.

JFE Steel has said it will hold a briefing on its overseas business at 0630 GMT in Tokyo.

On Wednesday, Japan's Nippon Steel Corp denied an Indian television report it was in talks to buy a 7-11% stake in JSW Steel for USD 300-USD 500 million. JSW Steel's group Chief Financial Officer said he would not comment on market speculation.