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JSW Steel's Board approved the merger of Piombino Steel (PSL) into JSW Steel. This strategic move aims to simplify the group structure, directly hold Bhushan Power & Steel, cut operational costs, and enhance strategic focus. PSL shareholders (excluding JSW Steel) will get 10 JSW Steel shares (₹1 each) for every 156 PSL shares (₹10 each). The merger, effective January 1, 2026, will result in a slight dilution for existing JSW Steel public shareholders and an increase in promoter holding. JSW Steel's FY25 turnover was ₹127,702 Cr, and PSL's was ₹605 Cr.