JSW Steel Italy SrL, a subsidiary of JSW Steel Limited, has entered into a commercial agreement with Metinvest Adria S.p.A. This development follows a Memorandum of Understanding (MoU) signed on March 1, 2024, between JSW Steel Italy SrL and the Ministry of Industries and Made in Italy (MIMIT), outlining the transfer of rights related to the northern area of the property.
Under the terms of the agreement, Metinvest Adria is obligated to pay a release fee of €30 million to JSW Steel Italy Piombino SpA as comprehensive consideration for the transaction. The execution and transfer of rights to Metinvest are contingent upon Metinvest fulfilling specific procedures with the government and relevant institutions within a designated timeframe.
This commercial agreement advances the objectives of the MoU and paves the way for the realization and execution of the Accordo Di Programma (AdP or The Program Agreement). As per the MoU, JSW and MIMIT have identified various areas of cooperation between JSW and governmental institutions to implement the Rail Mill Modernisation Project. This project includes revamping the rolling mills, establishing a hardening facility, and increasing the length of the rails produced to up to 120 meters. These collaborations aim to revitalize the industrial site of Piombino as a steel hub.
JSW Steel, the flagship business of the diversified US$23 billion JSW Group, is one of India’s leading integrated steel companies with a capacity of 29.7 million tonnes per annum (MTPA) in India and the USA. The company’s next phase of growth in India will increase its total capacity to 38.5 MTPA by FY25. JSW Steel’s manufacturing unit in Vijayanagar, Karnataka, is the largest single-location steel-producing facility in India, with a current capacity of 12.5 MTPA.
The company has a strategic collaboration with global leader JFE Steel of Japan, enabling access to new and state-of-the-art technologies to produce and offer high-value special steel products to its customers. These products are extensively used across industries and applications, including construction, infrastructure, automobile, electrical applications, and appliances.
JSW Steel is widely recognized for its excellence in business and sustainability practices. Some of these recognitions include being named a Steel Sustainability Champion by the World Steel Association consecutively from 2019 to 2023, receiving a Leadership Rating (A) in CDP climate change disclosure in 2022, and earning the Deming Prize for Total Quality Management (TQM) for its facilities at Vijayanagar in 2018 and Salem in 2019. The company is also part of the World Dow Jones Sustainability Index (DJSI) and Emerging Markets during 2023, along with inclusion in S&P Global’s Sustainability Yearbook consecutively from 2020 to 2023.
As a responsible corporate citizen, JSW Steel’s CO₂ emission reduction goals are aligned with India’s climate change commitments under the Paris Accord. The company aims to reduce its CO₂ emissions by 42% from its steel-making operations and achieve net-zero CO₂ emissions at its subsidiary, JSW Steel Coated Products Ltd, by 2030. JSW Steel aims to lead the energy transition by powering steel-making operations entirely with renewable energy
