
With over $30 billion m-cap, JSW is now the most valuable steelmaker
JSW Steel has become the world’s most valuable steelmaker after the Sajjan Jindal-led company crossed a market capitalisation of over $30 billion on Tuesday.
The strong stock market performance of JSW Steel reflects a broader rally among Indian steelmakers after a government body recently recommended measures to protect the domestic industry from a surge in cheap steel imports.
Shares of JSW Steel, the country’s largest steel producer by capacity, hit an all-time high of Rs 1,074.15 on the BSE on Tuesday. The stock has gained nearly 11% in a month and over 4% in a week.
With Tuesday’s surge, JSW Steel overtook US-based Nucor Corp, which had a market capitalisation of $29.92 billion. Other major steelmakers, including Europe’s ArcelorMittal, Japan’s Nippon Steel Corp, and China’s Baoshan Iron, have market capitalisations ranging from $21 billion to $27 billion.
“JSW Steel is our preferred ferrous proxy,” said Ritesh Shah, an analyst at Investec. “The company has a proven growth and EBITDA (earnings before interest, tax, depreciation, and amortisation) trajectory,” he added.
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<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-119515665»>JSW Steel also commands a higher valuation than its domestic peers, including Tata Steel, Jindal Steel & Power, and the Steel Authority of India (SAIL). Tata Steel, India’s second most valuable steel company, has a market
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