Steel Authority of India Ltd (SAIL), India’s largest steel producer and Posco, Korea’s largest steel company, on Thursday, signed a landmark memorandum of understanding (MoU) to establish a strategic alliance for aligning and cooperating with each other in a wide range of strategic business and commercial interest areas.

Both companies may also cooperate in areas relating to joint R&D projects and any other projects to be mutually agreed upon.

The strategic alliance between the two steel giants is a significant step towards synergising their strengths while retaining their identities in the rapidly consolidating global steel industry.

SAIL and Posco have been extending support and cooperation to each other in different fields.