JSW Steel, ArcelorMittal strategy to purchase Italy’s largest steelmaker Ilva steel plant

MUMBAI: Race to buy troubled steel plants in Italy has pitted Indian business tycoon Sajjan Jindal against global steel magnate Lakshmi Mittal. Jindal';s JSW Steel and world';s largest steelmaker ArcelorMittal are both in talks to buy Italy';s largest steelmaker Ilva steel plant and second-largest Lucchini SpA. JSW Steel has written a letter to Ilva';s special commissioner Piero Gnudi expressing interest in the company. The Indian company has also been in talks to buy parts of insolvent Lucchini for the past few months. ArcelorMittal, too, has been vying to get a hold of these problematic but low-priced assets.