Jindals close to buying Italian steel maker

Written by Reuters | San Rossore (Italy) | Updated: Aug 11 2014, 06:02am hrs
A company run by Jindal family is close to finalising a deal to buy insolvent Italian steelmaker Lucchini, Italy's prime minister Matteo Renzi said on Sunday.

Lucchini, formerly owned by Russia's Severstal, was declared insolvent in 2012 and placed under special administration after falling victim to plunging European demand for steel during the 2008 recession.

Jindal should finalise. It's a matter of days, Renzi said after being asked about Piombino, Lucchini's main production site, during a visit to a Catholic scout group in Tuscany. Renzi did not specify whether he was referring to Jindal Steel and Power or JSW Steel, respectively owned by brothers Naveen and Sajjan Jindal.

Source close to JSW said on Sunday that talks were progressing quickly.