On August 16, Steel Authority of India Ltd (SAIL), India's largest steelmaker, and POSCO, South Korea's largest steel company, signed a memorandum of understanding (MoU) for the formation of a "strategic alliance"
According to the press release issued by SAIL, the signed MoU includes the sharing of information, know-how and expertise; the exchange of engineers, technicians and other professionals; the joint usage of existing marketing and warehousing networks, and coordination in the supply of coking coal, nickel, ferroalloys and in the hiring of freight vessels.
The process of the implementation of the memorandum of understanding, which will be effective for three years initially, will be overseen by a joint coordination group to be established in two weeks' time.