India's JSW Steel buys 3 US mills for $900m

The JSW Steel, India's third largest steel maker, has announced the acquisition of three separate steel mills in the United States for 900 million dollars, marking yet another mega buy-out abroad by an Indian company.
The acquisition will allow Mumbai-based JSW Steel, promoted by Sajjan Jindal, access to the growing steel pipe market in the US to cater to the rapidly-expanding oil and gas sector in North America, Jindal, managing director of the company, said in a statement.
The three mills in the US, owned by Jindal's elder brother P R Jindal, are able to manufacture one million tons per annum of steel plate, 0.5 million tons of pipe and a jointing and coating factory in Texas.
Earlier this year, India's two biggest private steel makersTata Steel and Essar Steelhave bought two large steel making facilities in the UK, Canada and the US.
Jindal said his company expected to recover the entire investment in four years.
Indian steel companies are eyeing overseas acquisitions to get a slice of the global steel market and sell value added products while Arcelor Mittal, the world's largest steel maker, and South Korean POSCO are planning to set up plants in India.