India’s JSW Steel Limited will invest an estimated $154 million to relaunch the Piombino steel mill in Italy, the company said in a statement on Monday, March 4.
The company said that JSW Steel Italy SRL has signed an agreement with the Italian authorities to revive the Piombino steel mill.
The investment will be made to modernize the rail mill at Piombino, doubling the current rail-making capacity to 600,000 mt from 300,000 mt per year, helping to provide Europe with the most modern, technologically-advanced and best-in-class rail mill, JSW Steel said in the statement.
This project will safeguard the aspiration for the development of Piombino as a steel hub and will step up domestic production, which will result in the reduction of imports of steel products into Italy, JSW Steel said.
JSW Steel in 2018 acquired the steel facilities at Piombino in an all-cash deal.
The project will focus on the setting up of a more efficient tandem mill, head hardening facility (used in high-speed rails), and increasing the length of rails to 120 meters from 108 meters.
