Steel Authority of India Limited (SAIL) and Kobe Steel Ltd. of Japan have signed a memorandum of understanding (MoU) for comprehensive strategic collaboration covering technologies, projects and other areas. The MoU was signed by Mr. Hiroshi Sato, President & CEO of Kobe Steel, and SAIL Chairman Mr. C.S. Verma in the presence of Mr. P.K. Misra, Secretary (Steel), Government of India, and senior officials of the two steel companies here today.
With IndiaÔÇÖs steel industry and steel-related business showing remarkable growth and promising development for the future, Kobe Steel and SAIL intend to build a relationship of mutual benefit under the MoU. Both companies plan to form teams that will carry out collaborative work to lead to actual projects.
Kobe Steel and SAIL have already begun a feasibility study for a joint venture that utilises the formerÔÇÖs ITmk3 iron-making process. Both companies share the common view of desiring to further develop this relationship, which led to the formation of this MOU.
With reference to finished products, specific projects / studies will be undertaken to explore the possibility of producing high value products, such as (i) products for automobile, (ii) products for nuclear power plants and conventional power plants such as forged material and tubing material, (iii) special alloy steel and bars, and (iv) stainless steel tube and/or any other product mutually agreed to between Kobe Steel and SAIL. If Kobe Steel and/or SAIL have contractual agreements with other companies, the items covered under such agreements would not be considered in the MoU.
SAIL and Kobe Steel wish to work together for meeting the requirements of sophisticated steel products for IndiaÔÇÖs growing economy. SAIL is IndiaÔÇÖs largest steelmaker and has numerous iron ore and coal mines. Kobe Steel has world-class technologies for producing high value-added steel products, but also raw material processing and iron unit production including pellets, direct reduced iron and the ITmk3 iron-making process.
Both companies intend to build a cooperative relationship covering a wide range of fields, from upstream to downstream processes, which will enable them to mutually explore collaborative efforts and ventures in the Indian and global market.
SAIL signs MoU with Kobe Steel for comprehensive strategic collaboration
Mr. Hiroshi Sato, President & CEO, Kobe Steel, and Mr. C.S. Verma, Chairman, SAIL, exchanging copies of the MoU signed today in Tokyo after the signing ceremony
