On December 16, Japanese steelmaker Sumitomo Metal Industries, Ltd (Sumitomo Metals) announced that it signed a memorandum of understanding (MoU) with India-based steel producer Bhushan Steel Limited to receive a supply of steel sheets manufactured at the latter's Orissa Steel Works located at Meramandali, state of Orissa.
Sumitomo Metals has provided technical assistance regarding the construction and operation of the Orissa Steel Works. This agreement will enable Sumitomo Metals to establish a supply system for high-grade steel products manufactured at the advanced steel plant, based on Sumitomo Metals' accumulated technologies, to satisfy the needs of its customers in India.
Meanwhile, Sumitomo Metals has also announced the opening of a liaison office near Delhi, India. The new office will function as a bridgehead for Sumitomo Metals' business expansion in India: it will collect information needed for the company's operation in India and will serve as a local point of contact for its customers in the country.