India’s Jindal Steel Group is set to acquire Vitkovice Steel, a leading steel plate producer in the Czech Republic, in a move that will positively impact the Vulcan Green Steel project currently under construction in Duqm, Oman.
“This is a strategic move that will strengthen both the company and the Czech steel industry. The new ownership will bring stability and, more importantly, significant development through major investments in modernizing and expanding production technologies. It will also facilitate knowledge sharing and the shift towards low-emission, environmentally produced steel,” said Radek Strouhal, CEO of Vitkovice Steel.
Earlier this year, Vitkovice Steel and Jindal Group signed a binding memorandum of cooperation for the future supply of low-carbon steel slabs. Under this agreement, Vitkovice will supply up to one mln tons of low-emission slabs annually to Jindal’s Vulcan Green Steel project in Oman.
“The Czech Republic’s steel industry has a long tradition, and Vitkovice Steel is known for its expertise, high-quality products, experienced workforce, and solid reputation as a stable supplier. We see strong synergies between Jindal Group and Vitkovice Steel and are committed to being a strategic investor. Our aim is to further develop and expand production in Ostrava,” said Harssha Shetty, Managing Director of Jindal Shadeed Iron & Steel in Oman.
The Jindal Group plans to invest up to USD 164 mln in Vitkovice Steel to enhance its plate production capacity and expand into higher value-added steel products. The deal followed the completion of an investigation by the Financial Analysis Authority, which had imposed restrictions due to concerns over a suspected Russian ownership link. With the investigation concluding in July and clearing Vitkovice of these allegations, the acquisition can now proceed, pending approval from the Czech Antimonopoly Office.
Vulcan Green Steel, strategically located in Oman’s Al Wusta region, is set to become a major greenfield steel complex. In its first phase, the plant will have an initial production capacity of 3 mln tons per annum. Vulcan Green Steel is a sister company to Jindal Shadeed Iron and Steel, both part of the Jindal Group.
