JSW Group has begun the operational integration of Aferpi, the specialised steel plant it recently acquired in Italy.
As part of the integration process, Sajjan Jindal, Chairman, JSW Group, met the employees of Aferpi at a town hall organised in Piombino, Italy. He also met with government officials, including Enrico Rossi, the President of Tuscany province, and Massimo Giuliani, Mayor of Piombino.
Jindal, in a tweet, said the engagement with all the stakeholders of the newly acquired steel plant in Italy was fruitful and that the plant has the potential to be one of the best steel plants in the region.
The acquisition of Aferpi will help JSW expand its reach in the speciality steel long products market and provide a foothold for future opportunities in European markets.
JSW Steel Italy Srl, a subsidiary of JSW Steel, entered into a sale and purchase agreement last May with Cevitaly Srl to acquire 100 per cent of the shares of Aferpi SpA (Aferpi), Piombino Logistics SpA and 69.27 per cent of the share capital of GSI Lucchini SpA, for a consideration of €55 million on a cash free, debt free basis.
Aferpi makes and distributes special long steel products for rails, and wire rods and bars for railway, automotive and earth moving vehicles, among other products. At present, it is working on projects that involve production of 1 million tonne of long steel products and revamping of wire rod and bar mills, installation of one electric arc furnace of one mt capacity with two continuous casting machines. Besides, it is working on installation of a new rails- and beams-rolling plant and installation of the second electric arc furnace and the third continuous casting machine. JSW Steel is planning to increase its manufacturing capacity to 40-45 million tonne by 2030 from the present 18 million tonne.