India's JSW Steel to buy Acero Junction for $81 mn to expand US operations

India's JSW Steel Ltd said on Thursday it agreed to buy Acero Junction Holdings for $80.85 million, as it looks to expand its operations in the United States.

JSW Steel entered into a stock purchase agreement on Wednesday with JSM International Ltd, Acero Junction Holdings Inc and Acero Junction Inc for the acquisition, the steelmaker said in a statement.

The deal comes shortly after the steelmaker's U.S. unit signed an agreement on Monday with the Texas governor's office to invest $500 million to build out its operations in Texas, amid heightened global trade tensions following U.S President Donald Trump's decision to pursue steep import tariffs.