Construction Industry News
JSW Steel will soon set up its subsidiary in Italy on the blocking so many attempts by the company to revive the company amid rising raw material costs and increasing pressure to make new investments to cut emissions.
JSW Steel had acquired the second largest steel mill on Aferpi for Rs 451 crore from the headquarters in Algeria Cevital in 2018. After losing the battle with ArcelorMittal, then before acquiring a steel mill Ilva SpA, JSW Steel was then very optimistic about the revival of the stressed Aferpi.
However, the plant could not be turned over despite huge investment to upgrade it and reduce the cost. The Russian invasion of Ukraine has made matters worse by driving up costs everywhere, sources said.The Italian unit has reported an EBITDA loss of 6.8 euros million in December quarter against EBITDA of 6.1 million euros in September quarter due to certain non-recurring write-downs and impairments.
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