JSW Steel to sell 23 lakh crore shares in its subsidiary PSL for ₹1,676 crore

JSW Steel said its board of directors on Tuesday, March 25, approved selling 22.67 lakh crore shares it holds in its subsidiary Piombino Steel Limited (PSL) for ₹1,676 crore.

In an adjacent meeting, PSL’s board of directors greenlit the buyback of 22,26,36,000 equity shares of ₹10 each at ₹ 75.30 per equity share, aggregating to a total consideration of ₹1,676.45 crore.

JSW Steel holds 508 crore equity shares in PSL, constituting 83.28% of the total equity shareholding of PSL, the steel major said.

This buyback will help to further strengthen JSW Steel’s balance sheet, it said in a regulatory filing.

JSW Steel becomes world’s most valuable steel company

On March 25, 2025, JSW Steel’s total market capitalisation touched ₹2.59 lakh crore, making it the world’s largest steel company by market capitalisation.

It overtook industry heavyweights such as Nucor, Arcelor Mittal, Nippon Steel and Tata Steel, among others.

Here is a list of the top 5 biggest steel companies in the world based on market capitalisation:

*M cap as of March 25, 2025

JSW Steel share performance

Shares of JSW Steel closed at ₹1,061.70, up 0.03% on the National Stock Exchange (NSE) on Tuesday.

JSW Steel also hit a new 52-week high of ₹1,074.90 on March 25, 2025, a 31.82% jump from a low of ₹815.40, which it had reached almost a year ago on March 27, 2024.

The stock rose 5.74% over the past eight days and 11.68% since the beginning of March. It surged 17.77% on a year-to-date basis.