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
A version of this article was first published by AMM sister
publication Steel First.