SAIL teams up with Kobe Steel for new technology, project collaboration
30 Nov 2010
Steel Authority of India Ltd (SAIL) has signed a memorandum of understanding (MoU) with Kobe Steel of Japan for comprehensive strategic collaboration covering technologies, projects and other areas.
Kobe is Japan's fourth-biggest steel maker after Nippon Steel Corp., JFE Holdings Inc. and Sumitomo Metal Industries Ltd.
Hiroshi Sato of Kobe Steel and C S Verma of SAIL signed the MoU in Tokyo today.
The MoU is an extension of an ongoing joint feasibility study by Kobe Steel and SAIL for setting up a joint venture based on Kobe Steel's ITmk3 iron-making process. The companies now plan to take the initiative forward, SAIL said in a press release today.
The joint venture will undertake production of a whole range of value-added items such as alloy steels for automobiles, products for nuclear power plants and conventional power plants such as forged material and tubing material, special alloy steel and bars, and stainless steel tube and/or any other product mutually agreed to between Kobe Steel and SAIL.
The two companies propose to undertake further studies to explore the possibility of producing high value products.