Financial Times reported that JSW Group’s Chairman & Managing Director Mr Sajjan Jindal in an interview confirmed that JSW Steel is selling its Italian business, which it acquired in 2018, following failure of attempts by the company to revive them. Mr Jindal said “In any country, for a foreign company to come and do business, it’s not very easy. JSW group has made huge investments to revive the company, but in vain. The ongoing Russia-Ukraine crisis has added to the woes. The sale of the businesses is expected to result in some loss for the company, but it is not expected to be a big deal.”Despite the Italian government's intention to become an investor in JSW Italy through its financial arm, Invitalia, the company failed to provide a detailed and convincing industrial plan for the relaunch of the troubled steelmaking facility.Italian industry sources place local steelmaker Arvedi as an ideal candidate for purchasing Piombino. Other long steelmakers however are also said to be considering the acquisition.JSW Steel had acquired these assets in line with its strategy to expand its European footprints, supplying long steel products to the European market. JSW Steel had acquired 100% stake in Aferpi SpA and Piombino Logistics SpA and 69.27% stake in GSI Lucchini SpA for a total of EUR 55 million. The assets were acquired from Cevitaly Sri, a wholly-owned unit of Algeria’s Cevital SpA on a cash- and debt-free basis. Cevitaly had acquired these assets from Italian steelmaker Lucchini in 2014. Since its takeover by JSW, the Piombino plant has posted losses and faced a liquidity crisis last year.Aferpi produces and distributes special long steel products, viz. rails, wire rods and bars. It has a plant at Piombino in Italy, comprising a Rail Mill (0.32mtpa), Bar Mill (0.4mtpa), Wire Rod Mill (0.6mtpa) and a captive industrial port concession.Piombino Logistics manages the logistics infrastructure of Piombino’s port area. The Port managed by PL has the capacity to handle ships upto 60,000 tonnes. The Maximum draft at the port is 12 meters. PL also manages 42 Kms of rail line inside the plant area, this includes 33 Kms of rail line integrated with the Italian Railway System.GSI Lucchini is a producer of forged steel balls used in grinding mills with predominant application in mining processing. GSI facilities are located within the premises of Piombino plant, providing easy access to export markets through the port of Piombino.
Financial Times reported that JSW Group’s Chairman & Managing Director Mr Sajjan Jindal in an interview confirmed that JSW Steel is selling its Italian business, which it acquired in 2018, following failure of attempts by the company to revive them. Mr Jindal said “In any country, for a foreign company to come and do business, it’s not very easy. JSW group has made huge investments to revive the company, but in vain. The ongoing Russia-Ukraine crisis has added to the woes. The sale of the businesses is expected to result in some loss for the company, but it is not expected to be a big deal.”Despite the Italian government's intention to become an investor in JSW Italy through its financial arm, Invitalia, the company failed to provide a detailed and convincing industrial plan for the relaunch of the troubled steelmaking facility.Italian industry sources place local steelmaker Arvedi as an ideal candidate for purchasing Piombino. Other long steelmakers however are also said to be considering the acquisition.JSW Steel had acquired these assets in line with its strategy to expand its European footprints, supplying long steel products to the European market. JSW Steel had acquired 100% stake in Aferpi SpA and Piombino Logistics SpA and 69.27% stake in GSI Lucchini SpA for a total of EUR 55 million. The assets were acquired from Cevitaly Sri, a wholly-owned unit of Algeria’s Cevital SpA on a cash- and debt-free basis. Cevitaly had acquired these assets from Italian steelmaker Lucchini in 2014. Since its takeover by JSW, the Piombino plant has posted losses and faced a liquidity crisis last year.Aferpi produces and distributes special long steel products, viz. rails, wire rods and bars. It has a plant at Piombino in Italy, comprising a Rail Mill (0.32mtpa), Bar Mill (0.4mtpa), Wire Rod Mill (0.6mtpa) and a captive industrial port concession.Piombino Logistics manages the logistics infrastructure of Piombino’s port area. The Port managed by PL has the capacity to handle ships upto 60,000 tonnes. The Maximum draft at the port is 12 meters. PL also manages 42 Kms of rail line inside the plant area, this includes 33 Kms of rail line integrated with the Italian Railway System.GSI Lucchini is a producer of forged steel balls used in grinding mills with predominant application in mining processing. GSI facilities are located within the premises of Piombino plant, providing easy access to export markets through the port of Piombino.
