Uttam Galva gains on buzz of pact with Posco for steel plant

South Korean steel major Posco will join hands with Uttam Galva to set up a three million-tonne-per-annum integrated steel plant in Maharashtra.

Uttam Galva Steel is locked in upper circuit of 5% at Rs 70.95 on BSE on reports that the South Korean steel major Posco will join hands with the company to set up a three million-tonne-per-annum (tpa) integrated steel plant in Maharashtra.

“A preliminary discussion on the venture was held in Mumbai last Friday between the Posco India CMD Y W Yoon and Uttam Galva CMD Rajinder Miglani, in the presence of top officials of ArcelorMittal,” the Business Standard report suggests.

For the project, Uttam Galva, a leading cold-rolled and galvanised steel maker, has earmarked about 1,700 acres of land it owns at Satarda, Maharashtra, adds report.

The stock opened at Rs 69.30 and has seen a combined 34,036 shares changing hands on the counter on BSE and NSE. There are pending buy orders for a combined 33,146 shares at 1047 hours.