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ArcelorMittal Nippon Steel India inks Rs 5,000 crore pact with POSCO Maharashtra Steel to supply hot rolled coils

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.

January 29, 2021 / 01:59 PM IST
Essar Steel case: The Supreme Court cleared ArcelorMittal's takeover of Essar Steel. The judgement is key because it is likely to help facilitate the biggest takeover of bad debts in Indian corporate history. It also ruled that the Committee of Creditors will have the final say in the resolution plans under the Insolvency and Bankruptcy Code (IBC) and that the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) cannot interfere with CoC’s commercial decisions.

Essar Steel case: The Supreme Court cleared ArcelorMittal's takeover of Essar Steel. The judgement is key because it is likely to help facilitate the biggest takeover of bad debts in Indian corporate history. It also ruled that the Committee of Creditors will have the final say in the resolution plans under the Insolvency and Bankruptcy Code (IBC) and that the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) cannot interfere with CoC’s commercial decisions.

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.

AM/NS India Chief Executive Officer Dilip Oommen said, "POSCO Maharashtra Steel has been a valued customer for years and this MoU further strengthens our relationship with a promise to deliver smarter and better steel. We strive to deliver high-quality HRC on time to POSCO Maharashtra Steel, thereby enhancing our contribution towards a self reliant India mission."

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POSCO Maharashtra Steel Chief Managing Director Sung Lae Chun said, "The MoU with AM/NS India is...an ideal strategic partner for POSCO Maharashtra Steel and the partnership between the two entities is a benchmark relationship for us globally. We look forward to a lasting and mutually beneficial association."

With a single-location flat steel integrated manufacturing facility at Hazira in Gujarat with a capacity of 9 MTPA, AMNS India is strategically located to support POSCO Maharashtra Steel facility with HRC for manufacturing of cold rolled and coated steel.

AM/NS India is a leading integrated flat carbon steel producer in India. It produces a full diversified range of flat steel products, including value-added steel, and has a pellet capacity of 14 million tonnes with another 6 million tonne expansion plan in the pipeline.
PTI
first published: Jan 29, 2021 02:00 pm

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