JSW Steel Italy Piombino S.P.A. signs Development Contract with the Italian Government

JSW Steel Italy Piombino S.P.A. (JSW Italy), a wholly owned subsidiary of JSW Steel Limited produces and distributes rails through its rail mill plant at Piombino in Italy having a capacity of producing 0.32 MTPA rails.

JSW Italy today signed a Development Contract with the Ministry of Enterprise & Made in Italy(MIMIT), the Tuscany Region and l'Agenzia Nazionale per l'Attrazione Degli Investimenti e lo Sviluppo d'Impresa S.p.A. (INVITALIA). The Development Contract is in line with the MoU dated March 1, 2024 signed between JSW Steel Italy SrL, the parent entity of JSW Italy and the MIMIT, intended to revive the historically important industrial site 'Steelworks of Piombino', by way of modernisation of the facilities and enhancement of industrial activity.

As per the Development Contract, JSW Steel Italy Piombino S.P.A. is being provided a Grant of Euro 33 Mn from the Italian Government through INVITALIA. The amount of Euro 33 Mn. consists of the Grants being allocated towards the development of the Rail Mill Modernisation Project being implemented by JSW at Piombino at an estimated project cost of Euro 143 Mn. This project will nearly double the capacity of the Rail Mill from around 0.32 MTPA to 0.6 MTPA which will also enable JSW Italy to enhance the length of the rails being made at JSW Italy from 108 meters to upto 120 meters. This project will also make the JSW Italy rail facilities 'best in the class' and will also provide unique capability to make technologically sophisticated 'Head Hardened' rails at Piombino which will provide access to the European Head Hardened rail market. The Development Contract is binding on all parties and the receipt of Grants under this Contract is subject to customary conditions precedent as per the prevailing Italian law. This Contract further reinstates the commitment of JSW Italy, MIMIT, Tuscany Region and INVITALIA towards the growth, revival and economic development of the Piombino region.

Shares of JSW Steel Limited was last trading in BSE at Rs. 1007.20 as compared to the previous close of Rs. 1009.40. The total number of shares traded during the day was 32615 in over 2151 trades.

The stock hit an intraday high of Rs. 1008.55 and intraday low of 987.00. The net turnover during the day was Rs. 32561960.00.

Source : Equity Bulls

Keywords

JSWSteel INE019A01038 JSWSteelItalyPiombinoSPA DevelopmentContract