SAIL, ArcelorMittal Hoping to Formally Establish New JV Later This Year
01/04/2016 - Executives at Steel Authority of India Ltd. (SAIL) and ArcelorMittal are looking to finalize a joint venture sometime this year for a new automotive steel mill in India, according to The (India) Economic Times newspaper.
“We want to finalize the project this year. Work on it is progressing," India’s steel and mines minister Narendra Singh Tomar told the newspaper.
ArcelorMittal and the state-run SAIL signed a memorandum of understanding on the project in 2015. Together, the two are considering a cold rolling mill and other downstream finishing facilities to serve one of the world’s fastest-growing automotive markets, the newspaper said.
India’s auto production is expected to double by 2020, rising to 7.3 million units, the newspaper said.
ArcelorMittal and the state-run SAIL signed a memorandum of understanding on the project in 2015. Together, the two are considering a cold rolling mill and other downstream finishing facilities to serve one of the world’s fastest-growing automotive markets, the newspaper said.
India’s auto production is expected to double by 2020, rising to 7.3 million units, the newspaper said.
