Reportedly, Korean super giant steelmaker Posco has forged a strategic agreement of joint venture with Indian Jindal Stainless Ltd., the largest integrated manufacturer of stainless steel in India to assist Jindal Stainless to be able to sell stainless steel to be re-rolled at Posco’s facility in South East Asia.
It is said Jindal will benefit from this agreement as they can maintain its production of alloy used in cars and home appliances.
It is known that Posco is currently attempting to construct a Greenfield integrated carbon steel plant in India for the past eight years but without much success.
Nevertheless, it is heard that this JV does not have anything to do with this Greenfield project.