Steel maker ArcelorMittal Nippon Steel India (AM/NS India) on Friday announced signing a pact with POSCO Maharashtra Steel, under which the former will supply hot rolled coils (HRC) worth Rs 5,000 crore in 2021.
While AM/NS India is a 60:40 joint venture between Luxembourg-based ArcelorMittal and Japan''s Nippon Steel, POSCO Maharashtra Steel is the Indian subsidiary of South Korean steel major POSCO.
"AM/NS India has signed a Rs 5,000 crore memorandum of understanding (MoU) with POSCO Maharashtra Steel to supply Hot Rolled Coils (HRC) in 2021. Sixth such agreement between the two companies since 2015," AM/NS India said in a statement.
As part of the agreement signed on January 27 in Mumbai, AM/NS India and POSCO Maharashtra Steel will also jointly work to enhance the quality of current grades and develop new value-added grades to provide the best quality and state-of-the-art steel products and solutions to consumers.