Jindal Steel International, part of the global Jindal Group, has become the new owner of Ostrava-based Vítkovice Steel. The Czech Antitrust Office (ÚOHS) approved the transaction, stating it would not disrupt market competition. Jindal Steel International acquired 100% of Vítkovice Steel’s shares from previous owners. According to Vítkovice Steel CEO Radek Strouhal, the new owner will bring stability, invest in production technologies, share international know-how, and move towards producing low-emission steel.

Vítkovice Steel has collaborated with Jindal Group for over a year on operational financing, stabilizing the company’s financial situation. In spring 2024, both companies signed a memorandum to cooperate on supplying low-emission raw materials with minimal environmental impact. Harssha Shetty, CEO of Jindal Shadeed Iron & Steel in Oman, emphasized that Vítkovice Steel has high-quality products, experienced staff, and a solid reputation as a stable supplier. Jindal Group aims to be a strategic investor and develop production in Ostrava.

Previously, Vítkovice Steel was owned by five international investment funds linked to Armenia. In May 2022, the company’s assets were frozen due to suspected ties to Russia, but the measures were lifted in August 2024 after no connection was confirmed. Jindal Group plans to invest up to €150 million (about CZK 3.75 billion) in expanding production capacity and creating new jobs in Ostrava.

Sources: E15.cz