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JSW Steel announced that its Italian subsidiary JSW Steel Italy Srl has acquired the remaining 30.73% stake in Italy-based forged steel producer GSI Lucchini SpA from South Africa based Industrial Development Cooperation. The acquisition totalled EUR 1 million. The balance share capital of GSI is already held by JSW Steel Italy Srl. JSW Steel Italy now holds all shares in GSI. The agreement to acquire GSI's remaining stake was signed in December last year.
JSW Steel said "The port-based facility also gives GSI the flexibility and access to import raw material's bars & blooms and billets to supplement supplies as when required.”
GSI LUCCHINI SpA based in Italy is a European leader in the manufacturing of Steel Forged Grinding Media mainly for the mining industry. The high quality of the grinding balls produced in Piombino Plant in the port city Piombino in Tuscany region meets the most demanding markets such as mining industry and various mill grinding sectors. The high Carbon alloyed steel bars are forged into balls and processed to give a uniform metallurgical structure. The high hardness structure combines excellent abrasion resistance with the toughness needed to resist breakage during the milling operation. Chemistry and heat treatment can be customized to best fit the application needs of the end users.