“We are in initial talks with Tata Steel and Arcelor Mittal. Both companies have evinced an interest in joint ventures with us. It’s early days and it will hinge on the progress of the talks,” SAIL chairman SK Roongta said. This is in addition to SAIL’s plans to set up a JV with Korean steel major Posco.
Mr Roongta said the two companies have had a few rounds of talks and are looking at a 2 million tonne (MT) steel making venture using Finex technology developed by Posco.
“We will hopefully be able to firm up plans soon,” Mr Roongta, who is retiring on May 31, 2010, said, when asked about the timeframe for the JV to be firmed up.
However, SAIL ruled out any talks of joining hands with Posco for the Korean company’s mega 12 MT project in Orissa.
Source: ET Bureau, 18 May 2010