Gujarat, India-based steelmaker Essar Steel has signed a memorandum of understanding (MOU) with South Korean steelmaker POSCO for the supply of 1.1 million mt of flat steel products during the current financial year 2017-18, according to media reports.
Media reports also stated that Essar Steel also signed an agreement with POSCO in the previous financial year for the supply of flat steel and the current contracted flat steel volume is 30 percent higher compared to the 2016-17 financial year.
In the full financial year 2016-17, Essar Steel increased its flat steel production by 47 percent to 5.6 million mt compared to the previous year and aims to produce seven million mt of flat steel in the current year.