The awaited India-based joint venture (JV) between leading global steel producer ArcelorMittal and leading Indian steel company Steel Authority of India Limited (SAIL) will be operational by December this year, according to Indian news agency Press Trust of India (PTI).
ArcelorMittal and SAIL had signed a memorandum of understanding (MOU) in May last year to set up a joint venture automotive steel manufacturing facility in India. The new facility will consist of a state-of-the-art cold rolling mill and other downstream finishing facilities that will offer technologically-advanced steel products to India's rapidly growing automotive sector, which is expected to double automotive production between 2014 and 2020, from 3.6 million units to 7.3 million units. Earlier this year, an inter-ministerial group of the Indian government held a meeting to try and break the deadlock over the proposed joint venture.