SAIL flooded with JV offers: Roongta

May 18, 2010: Leading PSU steel maker Steel Authority of India (SAIL) is flooded with opportunities by both domestic as well as global steel majors for jointly setting up steel making units.

ArcelorMittal and Tata Steel have also expressed interest in jointly setting up steel making facilities with SAIL, said chairman, SAIL, S.K. Roongta.

"With ArcelorMittal, things are still at an initial phase of discussion and details have to be worked out yet. Nothing has been decided on capacity and site of the ventures," he added.

Meanwhile, SAIL recently signed an MoU with Posco on jointly setting up a steel unit. Under the proposed plan, the venture will use the latest FINEX technology for optimum utilisation of iron ore fines developed by Posco.

The company is looking at a site in Jharkhand to set up the unit, with an initial steel making capacity of around 2 million tons along with Posco. A working group has been set up for detailing of the joint venture, Roongta said. He added that SAIL is not in discussion with Posco for its Orissa project.

Source: Steel Insights Daily