As reported by Italian media, Algerian group Cevital and Indian group JSW Steel have reached an agreement in relation to troubled Italian steelmaker Aferpi, formerly the Piombino-based facilities of Lucchini. Accordingly, the complex will be sold by Cevital to the Indian group headed by Sajjan Jindal. The agreement was reached on February 22 at the Italian Ministry of Economic Development, where minister Carlo Calenda, Aferpi CEO Said Benikene and JSW representative Virendar Bubbal met to discuss the sale.
According to minister Carlo Calenda, the closing of the sale is foreseen by the end of March. Aferpi has been experiencing difficulties since it was created by Algerian group Cevital after it bought the Piombino facilities from Italian steelmaker Lucchini in 2014. JSW had tried to acquire the facilities at the time, but Cevital, owned by enterpreneur Issad Rebrab, was successful in the bidding race and subsequently renamed the complex Acciaierie e Ferriere di Piombino (Aferpi).
Aferpi produces long steel products of high quality and special steels, destined for sectors including railway, automotive, earth-moving vehicles, energy, fastening, springs and welding.