SINGAPORE Indias Jindal Stainless Ltd. (JSL) might cooperate with Posco Ltd. in the South Korean steelmakers plan to build a $12-billion steel plant in Odisha, India.
A memorandum of understanding has been signed by the companies that also envisions the joint construction of a nickel smelter in Indonesia and other overseas projects, JSL said April 10.
The agreement is applicable for three years and can be extended by mutual agreement, the stainless producer added.
"With Posco being one of the global giants in stainless steel and carbon steel and having already expanded their cold-rolled capacities in the growing markets of Southeast Asia and also in Europe, there is a unique opportunity for both Posco and Jindal Stainless to leverage on each others strengths," JSL said.
The long-term supply deal would call for JSL to provide 200-series stainless products to Posco or its subsidiaries.
The memorandum will also enable both companies to review overseas joint projects, including but not limited to the establishment of service centers and cold-rolling mills, JSL said.
A version of this article was first published by AMM sister publication Steel First.