<p> World's largest steel maker ArcelorMittal and SAIL today inked a pact to jointly set up a steel plant in India for the fast growing automotive sector.<br /><br /></p>.<p>The MoU was signed here by Lakshmi Mittal, Chairman and CEO of ArcelorMittal, and the state-owned Indian company's Chairman CS Verma.<br /><br />"The MoU is the first step of a process to establish a JV between the two companies," said a joint statement by both the companies.<br /><br />"The proposed JV will construct a state-of-the-art cold rolling mill and other downstream finishing facilities in India that will offer technologically advanced steel products to India’s rapidly growing automotive sector," it said.<br /><br />The details of the investment and plant size were not disclosed.Steel Secretary Rakesh Singh said: "Increasing the availability of indigenously produced automotive steel would reduce India’s reliance on imports and provide the Indian steel industry and the automotive industry with a sustainable competitive advantage."<br /><br />He added that India is expected to grow as a hub for automobile export manufacturing facilities to cater to the international market. "This proposed collaboration between ArcelorMittal and SAIL is a positive and welcome step towards fulfilling the objectives of the ‘Make in India’ campaign launched by Hon’ble Prime Minister, Narendra Modi."<br /><br />Mittal said the company was in discussions with SAIL for some time and the pact indicated its intention to further advance the collaboration.<br /><br />"Bringing together our leading automotive technological capabilities with SAIL’s production scale in India, in a similar manner to ArcelorMittal’s partnership with Hunan Valin on our VAMA joint venture in China, is an exciting and powerful combination," Mittal said.<br /><br />"The automotive sector is a highly strategic and important market for ArcelorMittal; establishing an automotive focussed production presence in India, one of the world’s fastest growing automotive markets, is a natural progression in executing our global automotive strategy," he added.<br /><br />Verma said SAIL is on the verge of completing a comprehensive modernisation and expansion programme to increase its hot metal capacity from 14 million tons per annum (MTPA) to 23.5 MTPA, with a quantum jump in production of value added steels.</p>
<p> World's largest steel maker ArcelorMittal and SAIL today inked a pact to jointly set up a steel plant in India for the fast growing automotive sector.<br /><br /></p>.<p>The MoU was signed here by Lakshmi Mittal, Chairman and CEO of ArcelorMittal, and the state-owned Indian company's Chairman CS Verma.<br /><br />"The MoU is the first step of a process to establish a JV between the two companies," said a joint statement by both the companies.<br /><br />"The proposed JV will construct a state-of-the-art cold rolling mill and other downstream finishing facilities in India that will offer technologically advanced steel products to India’s rapidly growing automotive sector," it said.<br /><br />The details of the investment and plant size were not disclosed.Steel Secretary Rakesh Singh said: "Increasing the availability of indigenously produced automotive steel would reduce India’s reliance on imports and provide the Indian steel industry and the automotive industry with a sustainable competitive advantage."<br /><br />He added that India is expected to grow as a hub for automobile export manufacturing facilities to cater to the international market. "This proposed collaboration between ArcelorMittal and SAIL is a positive and welcome step towards fulfilling the objectives of the ‘Make in India’ campaign launched by Hon’ble Prime Minister, Narendra Modi."<br /><br />Mittal said the company was in discussions with SAIL for some time and the pact indicated its intention to further advance the collaboration.<br /><br />"Bringing together our leading automotive technological capabilities with SAIL’s production scale in India, in a similar manner to ArcelorMittal’s partnership with Hunan Valin on our VAMA joint venture in China, is an exciting and powerful combination," Mittal said.<br /><br />"The automotive sector is a highly strategic and important market for ArcelorMittal; establishing an automotive focussed production presence in India, one of the world’s fastest growing automotive markets, is a natural progression in executing our global automotive strategy," he added.<br /><br />Verma said SAIL is on the verge of completing a comprehensive modernisation and expansion programme to increase its hot metal capacity from 14 million tons per annum (MTPA) to 23.5 MTPA, with a quantum jump in production of value added steels.</p>