JSW Steel Italy Signs Agreement with Metinvest to Advance Rail Mill Modernisation

On November 19, 2024, JSW Steel Italy SrL, a subsidiary of JSW Steel Ltd, signed a Commercial Agreement with Metinvest Adria S.p.A. This agreement builds on the Memorandum of Understanding (MoU) signed on March 1, 2024, between JSW Steel Italy SrL and Italy’s Ministry of Industries and Made in Italy (MIMIT). The MoU outlined the framework for transferring rights related to the northern area of the property.

Under the agreement, Metinvest will pay JSW Steel Italy Piombino SpA a release fee of €30 million. The transfer of these rights is subject to Metinvest completing certain procedural requirements with the government and other institutions within a set timeframe.

This agreement supports the goals of the Accordo Di Programma (AdP), or the Program Agreement. It is part of a larger collaboration between JSW Steel, MIMIT, and government institutions to modernise the Piombino Industrial Site into a steel hub. The modernisation project includes upgrading rolling mills, installing hardening facilities, and extending rail production to lengths of up to 120 meters.

These efforts aim to enhance steel production capabilities and revive the industrial significance of the Piombino site.

About JSW Steel

JSW Steel is the main business of the JSW Group, a diversified company worth US$ 23 billion. The group has interests in various sectors including energy, infrastructure, cement, paints, sports, and venture capital. Over the past 30 years, JSW Steel has grown from a single factory into India’s leading integrated steel company. By FY25, the company plans to increase its total capacity to 38.5 MTPA. Its largest facility in Vijayanagar, Karnataka, currently has a capacity of 12.5 MTPA, making it the biggest steel plant in India.

On November 21, 2024, JSW Steel share price opened at ₹941.00, touching the day’s low at ₹936.45 as of 11:00 AM on NSE. 

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