JSW Steel Italy to acquire remaining stake in GSI Lucchini

Tuesday, 22 December 2020 15:18:39 (GMT+3)   |   Istanbul

JSW Steel, one of the largest Indian steelmakers, has announced that its Italian subsidiary JSW Steel Italy S.r.l. has signed an agreement with South Africa-based Industrial Development Cooperation to acquire the remaining 30.73 percent share in Italy-based forged steel producer GSI Lucchini S.p.A for €1 million.

The balance share capital of 69.67 percent of GSI is already held by JSW Steel Italy S.r.l. The manufacturing unit of GSI is located in Piombino, Italy, providing easy access to export markets through the port of Piombino. The location of the plant allows specific advantages in terms of lead time, service level, and logistics cost in its target markets. The port-based facility also gives GSI the access to import raw materials, bars/blooms and billets to supplement supplies as when required.

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