JFE Steel, JSW Steel form strategic alliance

Last Updated: Thursday, November 19, 2009, 16:55

Tags: JSW Steel, JFE Steel

JFE Steel, JSW Steel form strategic alliance

Calcutta: Sajjan Jindal-led JSW Steel and Japan's JFE Steel Corporation today entered into a strategic collaboration to build and operate an integrated steel plan in West Bengal and in the area of automotive steel.

"We are discussing ways and means through which JSW and JFE can collaborate in our upcoming project at West Bengal. We are interested in partnering each other to take forward the proposed steel project at Salboni," JSW Steel Vice-Chairman and Managing Director Sajjan Jindal told reporters here.

Details are being worked out by the two companies, he said.

The two companies will work with each other in India in the area of automotive steel including production technologies and supply of substrate materials for hot-rolled, cold-rolled and galvanised products.

The scope also covers joint service activities including application engineering and product development for automotive customers.

JSW and JFE Steel Corporation intend to sign separate detailed agreement as per the area in future.

"We would like to secure a local production base in India with the co-operation of JSW Steel. Co-operation in the automotive segment is just the first step of our future collaboration," JFE Steel CEO Hajime Bada said.

The two companies are exploring possibility of mutual stock holding.

Bureau Report

First Published: Thursday, November 19, 2009, 16:55