JSW Steel Italy S.r.l., a subsidiary of JSW Steel Ltd., has signed a commercial agreement with Metinvest Adria S.p.A., as announced in a press release. This agreement follows the Memorandum of Understanding (MoU) signed on March 1, 2024, between JSW Steel Italy S.r.l. and the Ministry of Industries and Made in Italy (MIMIT), which outlined the mechanism for transferring rights related to the northern area of the property.
Under the terms of the agreement, Metinvest will pay a release fee of EUR 30 mln (USD 31.7 mln) to JSW Steel Italy Piombino S.p.A. as the all-inclusive consideration for the transaction. The performance and transfer of rights are contingent upon Metinvest complying with certain government procedures within a specified timeframe.
The MoU also highlights areas of cooperation between JSW and government institutions for the rail mill modernization project, including upgrades to the rolling mills, the establishment of a hardening facility, and increasing the length of the rails produced to up to 120 meters.
1 USD / 0.94 EUR
