JFE to invest in India's JSW Steel

JFE Steel Corp., Japan's secondlargest steelmaker, plans to invest about $1 billion in India's JSW Steel Ltd. The Tokyo-based company intends to acquire securities convertible into shares at a minimum price of 1,300 rupees ($27.69) each. JFE may own a little less than 15% of JSW Steel after the conversion. JFE, which agreed to cooperate with JSW Steel on automobile steel production in November last year, joins Nippon Steel Corp. in forging relationships with Indian steelmakers as demand increases. Sales of passenger cars in India in the first five months of 2010 grew 31.6% from a year earlier, the second-fastest in the world after China, according to the Society of Indian Automobile Manufacturers.Air Max 90 Classic