ArcelorMittal Nippon Steel India Inks Pact With POSCO Maharashtra Steel

Steel maker ArcelorMittal Nippon Steel India (AM/NS India) on Friday announced signing a pact with POSCO Maharashtra Steel, under which the former will supply hot rolled coils (HRC) worth Rs 5,000 crore in 2021.

While AM/NS India is a 50:50 joint venture between Luxembourg-based ArcelorMittal and Japan's Nippon Steel, POSCO Maharashtra Steel is the Indian subsidiary of South Korean steel major POSCO.

"AM/NS India has signed a Rs 5,000 crore memorandum of understanding (MoU) with POSCO Maharashtra Steel to supply Hot Rolled Coils (HRC) in 2021. Sixth such agreement between the two companies since 2015," AM/NS India said in a statement.

As part of the agreement signed on January 27 in Mumbai, AM/NS India and POSCO Maharashtra Steel will also jointly work to enhance the quality of current grades and develop new value-added grades to provide the best quality and state-of-the-art steel products and solutions to consumers.

AM/NS India Chief Executive Officer Dilip Oommen said, "POSCO Maharashtra Steel has been a valued customer for years and this MoU further strengthens our relationship with a promise to deliver smarter and better steel. We strive to deliver high-quality HRC on time to POSCO Maharashtra Steel, thereby enhancing our contribution towards a self reliant India mission."

POSCO Maharashtra Steel Chief Managing Director Sung Lae Chun said, "The MoU with AM/NS India is...an ideal strategic partner for POSCO Maharashtra Steel and the partnership between the two entities is a benchmark relationship for us globally. We look forward to a lasting and mutually beneficial association."

With a single-location flat steel integrated manufacturing facility at Hazira in Gujarat with a capacity of 9 MTPA, AMNS India is strategically located to support POSCO Maharashtra Steel facility with HRC for manufacturing of cold rolled and coated steel.

AM/NS India is a leading integrated flat carbon steel producer in India. It produces a full diversified range of flat steel products, including value-added steel, and has a pellet capacity of 14 million tonnes with another 6 million tonne expansion plan in the pipeline.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor