JSW Steel announced the consolidation of its U.S.-based coal mining subsidiaries in West Virginia. The restructuring involves merging step-down subsidiaries Purest Energy, LLC with its parent Periama Holdings, LLC, and Caretta Minerals, LLC with its parent Planck Holdings, LLC.
Previously, the company sold its mines and preparation plant in West Virginia due to non-viable operations. Purest Energy, LLC oversaw mining operations, while Caretta Minerals, LLC focused on producing and selling metallurgical coal.
This restructuring does not involve the sale of any overseas assets or investments, and JSW Steel retains its economic interests in U.S. operations. The company expects the simplification to streamline its group structure, reduce regulatory and administrative burdens, lower costs, and ease the consolidation of financial statements at the group level.
