JSW Steel To Invest 143 Million Euros In Italy

JSW Steel on Friday said it will make investments to the tune of 143 million euros at its steelworks site at Piombino in Italy.

To take the plan forward, a memorandum of understanding (MoU) has been signed between the Ministry of Industry and Made in Italy, the Tuscany Region, the Municipality of Piombino and its Italian arm, JSW Steel Italy SRL, JSW Steel said in a statement.

Apart from doubling the current rail-making capacity from three lakh tonnes to six lakh tonnes per annum, the investments at Piombino are aimed at making the rail mill more efficient, modern and technologically advanced.

The project envisages the setting up of the Tandem Mill, a head-hardening facility and increasing the length of the rails from 108 to 120 metres.

Sajjan Jindal, chairman of the JSW Group, said, "The investments of Euro 143 million in modernising the rail mill at Piombino will make the Piombino rail mill the most modern, technologically-advanced and best-in-class rail mill in Europe."

The Italian steel industry is undergoing a transformative stage, he said, adding that the project will result in a reduction of imports of steel products in Italy.

JSW Steel Italy SRL is a step-down wholly-owned subsidiary of JSW Steel, the flagship business of the diversified $23-billion JSW Group, which is into energy, infrastructure, cement, paints, sports, defence, e-commerce and venture capital.