JSW Steel acquires remaining 30% stake in Italy’s GSI Lucchini

JSW Steel has acquired the remaining 30% stake in Italy's GSI Lucchini SpA for a cash consideration of €1 million. The agreement to acquire GSI's remaining stake was signed in December last year. The balance share capital of GSI is already held by JSW Steel Italy Srl, a subsidiary of JSW Steel. The manufacturing unit of GSI is located at the port city of Piombino in the Tuscany region, providing easy access to export markets. The acquisition also allows specific advantages in terms of lead time, service level and logistics cost in its target markets, JSW Steel told the media. The port-based facility also gives GSI the flexibility and access to import raw material's bars/blooms and billets to supplement supplies as required, said JSW. GSI Lucchini is a producer of forged steel balls used in grinding mills with predominant mining processing applications. The brand is recognised in Europe and Africa and is among the prominent suppliers in African mines. In December 2020, JSW Steel Italy Srl had signed an agreement with Industrial Development Corporation, South Africa, to acquire 30.73% in GSI, provided that the company meets certain performance criteria. JSW Group member JSW Steel is an integrated manufacturer of a diverse range of steel products with an export presence in over 100 countries. The company has a total steel-making capacity of 18 million tonne per annum and is among the leading producers and exporters of coated flat steel products in India. The acquisition provides a unique opportunity for JSW to consolidate its stake in GSI. Image Source Also read: JSW Steel finalises Welspun Steel division acquisition for Rs 848 cr Also read: JSW Steel completes Bhushan Power and Steel acquisition