Global steel producer ArcelorMittal has announced that it has held a meeting with Indian state-owned steelmaker Steel Authority of India Limited (SAIL) regarding the proposed $1 billion automotive steel joint venture (JV) between the two companies.
ArcelorMittal stated that the project’s joint working group, which was established following the signing of the memorandum of understanding, has completed the major part of the project’s feasibility report. The JV will construct world-class facilities for manufacturing automotive steel that will offer technologically advanced steel products for India’s rapidly growing automotive sector.
ArcelorMittal and SAIL signed a memorandum of understanding in May 2015 to explore the possibility of setting up a state-of-the-art automotive steel manufacturing facility under a JV arrangement in India.