India-based Jindal Stainless Limited (JSL) has announced that it has signed a memorandum of understanding (MoU) with South Korean steelmaker POSCO to mutually cooperate with each other for long-term joint business opportunities.
According to JSL's statement, the agreement is valid for three years and can be extended by mutual agreement.
Under the agreement, JSL will supply 200 series stainless steel products to POSCO and its subsidiaries. Additionally, the parties will explore the establishment of a nickel smelter process in Indonesia and review the Orissa project of the Indian stainless steelmaker. JSL stated that the companies will also review joint overseas projects such as the establishment of service centers and cold rolling mills.