JSW Steel Italy acquires GSI Lucchini

Wednesday, 14 April 2021 10:55:27 (GMT+3)   |   Istanbul

JSW Steel, one of the largest Indian steelmakers, has announced that its Italian subsidiary JSW Steel Italy S.r.l. has acquired the remaining 30.73 percent stake in Italy-based forged steel producer GSI Lucchini S.p.A. from South Africa-based Industrial Development Cooperation. The acquisition totaled €1 million. JSW Steel Italy now holds all shares in GSI.

With the acquisition, JSW Steel Italy will have easy access to export markets through the port of Piombino as the manufacturing unit of GSI is located at Piombino, Italy, and have specific advantages in terms of lead times, service levels, and logistics costs in its target markets.

The balance share capital of 69.67 percent of GSI was already held by JSW Steel Italy. The acquisition agreement between JSW and Industrial Development Cooperation was signed in December, as SteelOrbis previously reported.

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