ArcelorMittal Nippon Steel India inks Rs 5K cr pact with POSCO Maharashtra Steel to supply hot rolled coils

By: |
January 29, 2021 2:21 PM

AM/NS India and POSCO Maharashtra Steel will also jointly work to enhance the quality of current grades and develop new value-added grades

ArcelorMittalArcelorMittal follows January to December fiscal year.

Steel maker ArcelorMittal Nippon Steel India (AM/NS India) on Friday announced signing a pact with POSCO Maharashtra Steel, under which the former will supply hot rolled coils (HRC) worth Rs 5,000 crore in 2021. While AM/NS India is a 60:40 joint venture between Luxembourg-based ArcelorMittal and Japan’s Nippon Steel, POSCO Maharashtra Steel is the Indian subsidiary of South Korean steel major POSCO.

“AM/NS India has signed a Rs 5,000 crore memorandum of understanding (MoU) with POSCO Maharashtra Steel to supply Hot Rolled Coils (HRC) in 2021. Sixth such agreement between the two companies since 2015,” AM/NS India said in a statement.

‘As part of the agreement signed on January 27 in Mumbai, AM/NS India and POSCO Maharashtra Steel will also jointly work to enhance the quality of current grades and develop new value-added grades to provide the best quality and state-of-the-art steel products and solutions to consumers.

AM/NS India Chief Executive Officer Dilip Oommen said, “POSCO Maharashtra Steel has been a valued customer for years and this MoU further strengthens our relationship with a promise to deliver smarter and better steel. We strive to deliver high-quality HRC on time to POSCO Maharashtra Steel, thereby enhancing our contribution towards a self reliant India mission.”

POSCO Maharashtra Steel Chief Managing Director Sung Lae Chun said, “The MoU with AM/NS India is…an ideal strategic partner for POSCO Maharashtra Steel and the partnership between the two entities is a benchmark relationship for us globally. We look forward to a lasting and mutually beneficial association.”

With a single-location flat steel integrated manufacturing facility at Hazira in Gujarat with a capacity of 9 MTPA, AMNS India is strategically located to support POSCO Maharashtra Steel facility with HRC for manufacturing of cold rolled and coated steel.

AM/NS India is a leading integrated flat carbon steel producer in India. It produces a full diversified range of flat steel products, including value-added steel, and has a pellet capacity of 14 million tonnes with another 6 million tonne expansion plan in the pipeline.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Exports: Govt under active consultation for early finalisation of RoDTEP guidelines, rates: Piyush Goyal
2InterGlobe Aviation to raise Rs 3,000 crore
3RBI amends KYC norms to further leverage video-based customer identification process