After the collapse of preliminary negotiations with ArcelorMittal, state-run Indian steelmaker Steel Authority of India Limited (SAIL) is scouting afresh for a partner in making auto grade steel products from either Japan or South Korea, a company official said on Wednesday, December 30.
SAIL, along with other Indian government-run steel companies, has already sent two delegations to Japan and South Korea where preliminary talks have been held with steel producers in these two countries exploring opportunities for technological and production collaborations for auto grade steel in India, SAIL chairman Anil Kumar Chowdhary said.
Previously, SAIL and ArcelorMittal had held several rounds of talks to collaborate through a joint venture for production of auto grade steel in India but the proposal collapsed after ArcelorMittal in alliance with Nippon Steel acquired the steel assets of the erstwhile Essar Steel in India through a bankruptcy resolution process.