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It is reported that Indian Essar Steel and Japanese Kobe Steel have now decided to take their relationship to the next level by jointly setting up a steel plant in India. The talks were initiated a while back. According to Mr. Dilip Oommen, managing director and chief executive officer of Essar Steel, it is too early to comment on the joint venture due to the current economic situation. The association between the two companies began with an umbrella agreement, which stated the two would share technology and resources to manufacture high grade iron and steel products to capture the growing demand for high-grade steel products in India. However, the plant in question will be a continuous annealing and galvanizing line to produce steel for the auto industry. News Date 4/24/2012 4:22:05 PM reported by Betty Wang |
