State minister at India's Ministry of Steel, Shri A. Sai Prathap, said on April 29 that state-owned domestic steelmaker Steel Authority of India Limited (SAIL) is examining the possibilities of entering into joint venture initiatives with international steel producers.
With this aim, SAIL and POSCO entered into a memorandum of understanding in August 2009 which provided for joint initiatives for the possible establishment of a FINEX technology-based steel plant at Bokaro, Jharkhand or at any other location. A proposal from POSCO to this effect is at present under consideration with SAIL.
The minister said that a final decision on these initiatives would depend upon the techno-commercial feasibility of the projects and the benefits to SAIL.