Indian steel producers to conduct joint R&D
Indian sources report that major Indian steel producers agreed to conduct joint research and development in an effort to reduce the cost of steel
manufacturing and energy
consumption.
The move comes after
Japan's Nippon Steel, South
Korea's POSCO and
China's
Baosteel announcement to build steel plants in Orissa and Chhattisgargh, which are home to vast raw material resources. The threat of increased competition thus reportedly compelled the Indian steel majors to pool their efforts.