The Sajjan Jindal-owned firm had earlier tried to acquire the second largest plant in Italy in 2014, when it was known as Lucchini. The Algerian conglomerate Cevital however acquired Lucchini and renamed it Acciaierie e Ferriere di Piombino (Aferpi).
While JSW Steel refused to comment on the development, an email query sent to Cevital remained unanswered.
The acquisition will help JSW to expand its reach in the specialised steel market, particularly in the automobile sector.
At present, it is working on projects that involve production of 1 million tonne (MT) of long steel products and revamping of wire rod and bar mills, installation of one electric arc furnace of 1 MT capacity with two continuous casting machines.
Besides, it is working on installation of a new rails- and beams-rolling plant and installation of the second electric arc furnace and the third continuous casting machine.
"If the country builds 300 MT capacity by 2030, we would like to plan accordingly to maintain our 15 per cent share, which will be 40-45 MT," JSW Steel joint managing director & group CFO Seshagiri Rao had said earlier.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)