Tata Steel, ArcelorMittal eyeing JV with SAIL: Roongta

Tata Steel and ArcelorMittal have both shown interest in setting up steel plants in joint venture with Steel Authority of India, although nothing concrete has emerged as yet.

SAIL chairman S K Roongta said on Monday, ''Mittal and Tata both have evinced interest to form JVs with SAIL. ''Discussion [with Tata Steel] is at a preliminary level and nothing has been finalised as yet in regard to the details of the project such as capacity, investment, technology and the location of the plant,'' he said.

On the venture with ArcelorMittal, Roongta he said the details were being worked out. A recent report quoted L N Mittal, chief executive officer of ArcelorMittal, as saying that he was happy with the progress of projects in the country and is in talks with SAIL for a joint venture.

There could be one joint venture or more with each of them, Roongta said. He, however, declined to give any timeframe for the finalisation of the details and conclusion of the agreements.

Referring to the joint venture with Korean steel major Posco, he said a two-million-tonne capacity plant using Posco's patented Finex technology would be set up probably in Jharkhand, while the CNRO (cold-rolled non-grain-oriented) mill would be in Maharashtra. ''The proposed CNRO plant would be different from the one being set up by the Korean steel giant itself also in Maharashtra,'' he added.

Asked if the world steel giants were keen to join hands with SAIL because of the huge reserves of iron ore it had at its command, Rungta replied, ''It is for those companies to reply.''