Indian steel producers to conduct joint R&D

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.