HomeInfrastructure NewsJSW Steel to buy Italian steel firm Aferpi for Rs 440 crore

JSW Steel to buy Italian steel firm Aferpi for Rs 440 crore

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By Kritika Saxena  May 18, 2018, 9:43:40 PM IST (Updated)

JSW Steel signed a deal with Algerian conglomerate Cevital to buy Italy’s second largest steel firm Aferpi in a Rs 440 crore deal, sources with knowledge of the matter said.


JSW Steel’s team in Italy will sign the final agreement for the acquisition, which is expected to be announced shortly.

The company's stock was down about 1.5% in afternoon trade.



The acquisition will help JSW Steel expand its reach in the specialised steel market, especially in auto sector.

Aferpi has an annual steel production capacity of 2 million tonnes and manufactures special steels used in industries including railway, automobile and earth-moving vehicles.

Cevital, which interests in the retail, industry, services and agri-food sectors, bought Italian steel company Lucchini RS in 2014 and renamed it Aferpi.

JSW Steel did not comment on this story.

This is a developing story and will be updated with more details..

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