SAIL in talks with Japan’s Nippon Steel
Steel Authority of India Ltd is in talks with Japan’s Nippon Steel & Sumitomo Metal Corp and Kobe Steel Ltd for potential technical agreements to help the firm expand its global footprint, SAIL’s chairman told.
SAIL — which has been in the red for six quarters — may also consider buying troubled domestic steel firm assets if offered a “cheaper price”, Prakash Kumar Singh said in his first official response to a government proposal that state steel, power and shipping firms take over assets of indebted private companies.
“The defence sector is using a lot of steel. So for all those grades, there is continuous improvement in R&D. And for penetrating these markets also – Japan and Europe – we need to understand their technologies, their uses. Therefore these tie-ups will be handy,” Singh said.
SAIL is also ironing out details with the world’s biggest steel producer, ArcelorMittal, for a proposed 60 billion rupees ($884.36 million) joint venture, Singh said.