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Jindal Stainless and POSCO Sign Strategic Memorandum of Understanding
04/12/2013 - Jindal Stainless Limited has signed a memorandum of understanding with POSCO to mutually cooperate with each other for long-term joint business opportunities.
Jindal Stainless Limited, a part of the US$15 billion Jindal Group, signed a memorandum of understanding (MOU) with POSCO on 10 April 2013 to mutually cooperate with each other for long-term joint business opportunities. The MOU is applicable for 3 years, which can be extended by mutual agreement.
Mentioned below are the highlights of the MOU:
· Long-term supply of 200 series stainless steel products of Jindal Stainless to POSCO or its subsidiaries.
· Review on joint establishment and exploration for a nickel smelter process in Indonesia.
· Review on joint cooperation in JSL’s Odisha project
· Review on overseas joint projects including but not limited to the establishment of service centers and cold rolling mills.
· Other areas that the parties mutually agree to cooperate in writing from time to time.
The parties have engaged in discussions for mutual cooperation and wish to hereby set forth their basic understanding and intents therefore in this MOU.
Jindal Stainless is a globally recognized producer of stainless steel flat products in austenitic, ferritic, martensitic and duplex grades. Jindal Stainless has also the taken the lead in commercialization of the Cr-Mn stainless steel globally and as a result Cr-Mn 200 series has increased its global share from mere 5.5 % to 15 % in the last decade. With POSCO being one of the global giants in stainless steel and carbon steel and having already expanded their cold rolled capacities in the growing markets of South-East Asia and also in Europe, there is a unique opportunity for both POSCO and Jindal Stainless to leverage on each other’s strengths.
