ArcelorMittal Nippon Steel India inks Rs 5K cr pact with POSCO Maharashtra Steel to supply hot rolled coils

Mumbai: Steelmaker ArcelorMittal Nippon Steel India has signed a Memorandum of Understanding (MoU) with POSCO Maharashtra Steel to supply Hot Rolled Coils (HRC) for Rs 5,000 crore.

“POSCO Maharashtra Steel has been a valued customer for years and this MoU further strengthens our relationship with a promise to deliver smarter and better steel,” said Dilip Oommen, Chief Executive Officer, ArcelorMittal Nippon Steel India (AMNS India) in a statement on Friday.

This is the sixth such agreement between the two companies since 2015.

“As part of the agreement signed on January 27th in Mumbai, AM/NS India and POSCO Maharashtra Steel – Indian subsidiary of South Korean steel major POSCO will jointly work to enhance the quality of current grades and develop new value-added grades to provide the best quality and state-of-the-art steel products & solutions to consumers,” said the companies in a joint statement on Friday.

AMNS will deliver high-quality HRC on time to POSCO Maharashtra Steel, thereby enhancing our contribution towards Self Reliant India mission, added Oommen.

“AMNS is an ideal strategic partner for POSCO Maharashtra Steel and the partnership between the two entities is a benchmark relationship for us globally. We look forward to a lasting and mutually beneficial association,” said Sung Lae Chun Chief Managing Director, POSCO Maharashtra Steel.

AMNS will be catering the current order from its flat steel integrated manufacturing facility at Hazira in Gujarat, which has a capacity of 9 million tonne per annum.

“AMNS India is strategically located to support POSCO Maharashtra Steel facility with HRC for manufacturing of Cold Rolled and Coated Steel,” the media statement said.

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