JSW Steel Invests €143 Million in Italy Rail Mill Modernization
By Rediff Money Desk, NEWDELHI Mar 01, 2024 23:51
JSW Steel announces €143 million investment in its Italian steelworks site in Piombino, aiming to modernize the rail mill and double its capacity. The project includes a Tandem Mill and head-hardening facility.
![JSW Steel Invests €143 Million in Italy Rail Mill Modernization](https://im.rediff.com/money/2023/aug/03jsw-steel.jpg)
Photograph: Kind courtesy JSW Steel
New Delhi, Mar 1 (PTI) JSW Steel on Friday said it will make investments to the tune of 143 million euros at its steelworks site at Piombino in Italy.
To take the plan forward, a memorandum of understanding (MoU) has been signed between the Ministry of Industry and Made in Italy, the Tuscany Region, the Municipality of Piombino and its Italian arm, JSW Steel Italy SRL, JSW Steel said in a statement.
Apart from doubling the current rail-making capacity from three lakh tonnes to six lakh tonnes per annum, the investments at Piombino are aimed at making the rail mill more efficient, modern and technologically advanced.
The project envisages the setting up of the Tandem Mill, a head-hardening facility and increasing the length of the rails from 108 to 120 metres.
Sajjan Jindal, chairman of the JSW Group, said, "The investments of Euro 143 million in modernising the rail mill at Piombino will make the Piombino rail mill the most modern, technologically-advanced and best-in-class rail mill in Europe."
The Italian steel industry is undergoing a transformative stage, he said, adding that the project will result in a reduction of imports of steel products in Italy.
JSW Steel Italy SRL is a step-down wholly-owned subsidiary of JSW Steel, the flagship business of the diversified USD 23-billion JSW Group, which is into energy, infrastructure, cement, paints, sports, defence, e-commerce and venture capital.
To take the plan forward, a memorandum of understanding (MoU) has been signed between the Ministry of Industry and Made in Italy, the Tuscany Region, the Municipality of Piombino and its Italian arm, JSW Steel Italy SRL, JSW Steel said in a statement.
Apart from doubling the current rail-making capacity from three lakh tonnes to six lakh tonnes per annum, the investments at Piombino are aimed at making the rail mill more efficient, modern and technologically advanced.
The project envisages the setting up of the Tandem Mill, a head-hardening facility and increasing the length of the rails from 108 to 120 metres.
Sajjan Jindal, chairman of the JSW Group, said, "The investments of Euro 143 million in modernising the rail mill at Piombino will make the Piombino rail mill the most modern, technologically-advanced and best-in-class rail mill in Europe."
The Italian steel industry is undergoing a transformative stage, he said, adding that the project will result in a reduction of imports of steel products in Italy.
JSW Steel Italy SRL is a step-down wholly-owned subsidiary of JSW Steel, the flagship business of the diversified USD 23-billion JSW Group, which is into energy, infrastructure, cement, paints, sports, defence, e-commerce and venture capital.
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