Sumitomo Metals set for alliance with Indian Bhushan

Wednesday, 05 March 2003 08:50:42 (GMT+2)   -  

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Japan's fourth largest steel company Sumitomo Metals, owned by Sumitomo group, together with Marubeni-Itochu, have concluded agreement with Indian sheet and strip manufacturer Bhushan for strategic allience and exchanged memorandum of understanding. The Indian company headquartered in New Delhi has an annual capacity of one million tons of steel sheets. Bhushan Steel manufactures cold rolled steel sheet and galvanised sheet mainly for the growing Indian auto industry. Sumitomo Metals has been providing technical support and hot rolled substrates to the company for cold rolling. Marubeni-Itochu plays a role to coordinate this assistance and substrate business among these two companies. With this memorandum, the three companies aim to improve in depth the alliance and collaboration with each other. Under the framework of the agreement, the production quality control, final control and quality assurance till delivery to customers as well as the new product developments will be subject to assistance of Sumitomo Metals. Via such cooperation, Japanese Sumitomo Metals will find the opportunity to grow in the Indian market.