JSW Steel has completed a restructuring process in the US, merging two subsidiaries, Purest Energy LLC and Caretta Minerals LLC, into their respective holding companies, Periama Holdings LLC and Planck Holdings LLC. This move aims to simplify operations, reduce complexity, and strengthen the company’s market presence in the US. The restructuring process does not involve the sale of any overseas assets or changes to the shareholding pattern, as the affected subsidiaries were wholly owned.
The merger is expected to improve operational efficiency, financial consolidations, and regulatory compliance, while reducing redundancies and overhead costs. The two merged companies operated in coal mining and met coal production in West Virginia, with Caretta Minerals reporting a revenue of approximately Rs 72 crores in FY23. JSW Steel plans to focus on simplification and streamlining its group structure to improve business operations and drive growth.
The company intends to expand its operations further, aiming to reach a production capacity of 50 million tonnes by FY31. With strong growth expectations, JSW Steel is optimistic about its future performance. The restructuring is an important step in the company’s efforts to strengthen its US market presence and build a more efficient and robust business model.