Joint venture between Arcelor and NSC in India
According to recent news in the market,
Luxembourg based steel producer Arcelor and
Japan steel producer Nippon Steel Corp (NSC) are planning to form a joint venture in
India to supply special grade steel products to
automotive industry. The companies are also looking for a third partner for this project. Arcelor is stated to be in negotiations with Indian steel producer Tata Iron and Steel Corp (TISCO).
As previously reported by SteelOrbis, Arcelor, NSC and Chinese Bao Steel signed an agreement to establish a similar joint venture company in
China back in December 2003.
The joint venture company in
India will produce 1 million tons of special grade steel for
automotive industry per annum.