March 2, 2024Anmol Nagpal

JSW Steel to invest Rs 1,282 crore to relaunch its Italian steel mills

Sajjan Jindal-led JSW Steel, announced that it is going to invest Rs 1,282 crore, to help relaunch its Italian steel mill in Piombino.

Source: PTI

The company in a press release said that its subsidiary, JSW Steel Italy SRL, has signed a Memorandum of Understanding (MoU) with the Italian authorities to relaunch the site.

Source: JSW Steel

The company further added that the investment will be made to modernize the rail mill at Piombino, doubling the current rail-making capacity to 600,000 tonnes from 300,000 tonnes per annum.

Source: JSW Group

JSW Steel, in 2018, announced the acquisition of steel facilities at Piombino—Aferpi S.p.A Piombino Logistics S.p.A and GSI Lucchini S.p.A—for €55 million cash.

Source: Unsplash

The company had then said that through this transaction it would be able to establish its presence in Italy with access to the European speciality steel long products market.

Source: Shutterstock

The project will focus on setting up of the more efficient tandem mill, head hardening facility (used in high speed rails) and increasing the length of rails to 120 meters from 108 meters.

Source: Jindal Steel & Power

The MoU which will ensure the relaunch of the Piombino steel hub will facilitate the conditions for efficient and sustainable state support for rail production.

Source: Shutterstock