JSW Steel close to acquiring Italy’s Lucchini for sub $100 million
MUMBAI: JSW SteelBSE -0.21 % is close to acquiring Italy’s Lucchini assets for less than $100 million, chairman Sajjan Jindal said on Monday, marking his first foray into the challenging European steel market.
JSW Steel has put in a binding bid for three re-rolling mills of insolvent Lucchini, Jindal publicly acknowledged for the first time.
“Lucchini is going to be restructured. The blast furnace facility and steelmaking facility is going to be shut down. We will supply basic steel from India, which will be produced into high-quality steel in Lucchini, and sold into that market,” Jindal said here.
