ArcelorMittal Nippon Steel India (AM/NS) has signed a sixth Memorandum of Understanding (MOU) with Posco Maharashtra Steel in India for hot-rolled coil (HRC) supply in 2021. The deal is valued at Rs50,000mn ($683.8mn).
The agreement also provides for an enhanced working relationship between the firms to enhance the quality and develop new value-added finished steel grades.
Mr. Dilip Oommen, chief executive officer of ArcelorMittal Nippon Steel India, stated that the relationship has been longstanding and will strive to deliver high-quality HRC in support toward a Self-Reliant India objective. The HRC is used by Posco Maharashtra for manufacturing cold-rolled coil (CRC) and coated steel selections.
The AM/NS plant has a 9mn mt annual crude steel capacity and is located in Gujarat on the western side of India.