JSW Steel Italy SRL signs MOU for the relaunch of the Piombino steel hub

A Memorandum of Understanding was signed between the Ministry of Industry and Made in Italy, the Tuscany Region, the Municipality of Piombino and JSW Steel Italy SRL(JSW).

This MOU is intended to commence & relaunch the Steelworks site of Piombino. Apart from doubling the current rail making capacity from 300,000 tonnes to 600,000 tonnes per annum, the investments at Piombino are aimed at making the Rail Mill more efficient, most modern, technologically advanced and best in class. The project envisages setting up of Tandem Mill, Head Hardening facility and increase the length of rails from 108 to 120 meters. The MOU sets the conditions for efficient and sustainable state support for the production of rails. It is part of broader project to kickstart economic development of the region which also includes the restarting of the production of Steel Products to safeguard employment and reduce the import of steel products into Italy. The MOU provides for four months of collaboration for execution of a Program Agreement i.e. Accordo di Programma(ADP) pursuant to Art. 252-BIS of the Consolidated Environmental Law.

Mr Sajjan Jindal, Chairman of JSW Group said, "The Italian steel industry is undergoing a transformative stage. JSW Steel Italy's investments to modernise the Piombino Steelworks site reiterates our commitment to partner the Italian Government's effort in the growth and economic development of the region. The investments of Euro 143 Mn. in modernising the rail mill at Piombino, will make the Piombino Rail mill, most modern, technologically advanced and best in class Rail mill in Europe. This project will safeguard the aspiration towards the development of Piombino as steel hub and will step up domestic production which will result in reduction of imports of steel products in Italy."

Shares of JSW Steel Limited was last trading in BSE at Rs. 835.85 as compared to the previous close of Rs. 800.15. The total number of shares traded during the day was 335573 in over 13336 trades.

The stock hit an intraday high of Rs. 839.50 and intraday low of 806.00. The net turnover during the day was Rs. 278548225.00.

Source : Equity Bulls

Keywords

JSWSteel INE019A01038 MoU JSWSteelItalySRL PiombinoSteelHub