India’s ArcelorMittal Nippon Steel Limited (AMNS) has signed an agreement with POSCO Maharashtra Steel Limited (PMSL) for supplies of hot rolled coil (HRC) worth estimated $684 million to the latter in 2021, a statement issued by AMNS said on Monday, February 1.
“AMNS has signed a memorandum of understanding with PMSL for supplies of HRC to the latter, the sixth such supply contract between the two companies since 2015,” the AMNS statement said.
Under the agreement concluded on January 27, both AMNS and PSML will jointly work to enhance the quality of current grades and develop new value-added grades to provide a better quality of steel products to its consumers, the statement said.
“POSCO Maharashtra has been a valued customer for years and this MoU further strengthens our relationship with a promise to deliver smarter and better steel,” Dilip Oommen, chief executive officer of AMNS, said.
“The MoU with AMNS is an ideal strategic partnership for POSCO Maharashtra and the partnership between the two is a benchmark relationship for us globally,” Sung Lae Chun, chief managing director of PSML, said.
AMNS operates an exclusively flat steel production steel mill at Hazira in the western state of Gujarat and in strategic close proximity to PSML’s cold rolled and coated steel rolling mill located in Maharashtra, also in the west of the country.