JSW submits bid for Lucchini Piomboni

ROME (Scrap Monster): The Italian based steel making company was owned by Severstal, a Russian based steel and mining industry, and  later in the year 20112, the company was declared to be insolvent and was kept under special administration.

Like all other steel companies in Europe, Lucchini was also highly troubled  by the global financial crisis in the year 2008, which hit the European countries and industries very badly, and the steel producers couldn’t compete with the competition opened by the other countries around the world.

On Wednesday, the company announced that, the Piero Nardi, the special commissioner, would analyze the bids submitted by the company, and also report an official decision regarding the matter to the supervising committee, in Rome, around the date 21^st November.

Even though, the Indian based steel company JSW, submitted a valued less than a 100 million dollars for the core asset of the Italian company, which is located in Piombino, the steel firm, asked JSW to lift the  bid higher, and rejected the previous bid.

According to the industrial sources, the plan of JSW was the processing plant to process Italian steel made in another place, but this plan of the company has been shattered as the labor union has expressed their disagreement regarding the matter of dismissing the steel making unit.