JSW Steel boosts stake in metallurgical coal venture for $60m

JSW Steel (Netherlands) B.V., a wholly-owned subsidiary of JSW Steel, has agreed to acquire an additional economic interest in M Res NSW HCC Pty Ltd ("M Res NSW") for $60m. This transaction involves purchasing Class B shares from M Res NSW HCC Holdings Pty Ltd for $24m and subscribing to new Class B shares issued by M Res NSW for $36m.

These transactions will raise JSW Steel's economic interest in M Res NSW from 66.67% to 83.33%. The $36m subscription proceeds will enable M Res NSW to acquire an additional 6% shareholding in Golden M NSW Pty Ltd ("Golden M"), increasing its stake to 36% from the current 30%. Golden M, through its subsidiaries, wholly owns Illawarra Coal Holdings Pty Ltd ("Illawarra Metallurgical Coal").

As a result, JSW Steel's effective economic interest in Illawarra Metallurgical Coal will increase from 20% to 30%, providing increased offtake rights. The transaction, which required Australian Foreign Investment Review Board (FIRB) approval, is expected to conclude in Q3FY26.