ArcelorMittal keen on SAIL JV
The world's largest steelmaker ArcelorMittal said it is still in talks with SAIL for a possible joint venture. =2 other global companies, POSCO and Kobe Steel, have also expressed keenness for partnership with SAIL.
Mr Sudhir Maheshwari Group Management Board Member of ArcelorMittal during a conference call after announcing a net income of USD 1.35 billion for the third quarter of 2010 said “We have made a proposal to SAIL and we are in discussion with SAIL. With respect to SAIL we have not set any timeline.”
ArcelorMittal had proposed to join hands with Steel Authority of India Ltd earlier this year. It could be looking at partnering SAIL for proposed steel plant at Sindri in Jharkhand.
Both POSCO and ArcelorMittal had announced their intent to set up large steel projects in India way back in 2005, but things have hardly moved on the ground owing to land acquisition troubles.
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