AM/NS India inks Rs 5,000 crore MoU with Posco for hot rolled coil supply

Under the agreement, the sixth such between the two firms since 2015, both entities will also jointly work to enhance the quality of current grades, develop new value-added grades

ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between ArcelorMittal and Nippon Steel, has signed a memorandum of understanding (MoU) with Posco Maharashtra to supply hot rolled coils (HRC) in 2021. The MoU is valued at about Rs 5,000 crore.

The agreement is the sixth such between two companies since 2015. As part of the agreement signed on January 27, AM/NS India and POSCO Maharashtra Steel will also jointly work to enhance the quality of current grades and develop new value-added grades to provide state-of-the-art steel products and solutions to consumers.

With its manufacturing facility at Hazira, Gujarat, AM/NS India is strategically placed to support Posco Maharashtra facility with HRC for manufacturing cold rolled and coated steel.

Commenting on the MoU, Dilip Oommen, chief executive officer, AM/NS India, said, “We will continue supporting POSCO Maharashtra Steel in its endeavours as AM/NS India has always focused on value addition and development of value-added grades for customers.” 

Sung Lae Chun, chief managing director, Posco Maharashtra Steel said, “The MoU with AM/NS India is a definitive recognition of the company’s abilities to produce the best-in-class steel given their combined management strength, technical, operational, marketing expertise as well as the commitment to safe and sustainable steelmaking.” 

“They are an ideal strategic partner for POSCO Maharashtra Steel and the partnership between the two entities is a benchmark relationship for us globally,” he added.