India’s State steel company will start producing automotive steel in a $1 billion partnership with ArcelorMittal in three years, a top government official said, helping cut imports of high-grade steel as the country revs up car manufacturing.
Steel Authority of India Ltd. (SAIL) has approved entering into a “non-binding” agreement of terms on the joint venture with the world’s biggest maker of the alloy, the State steelmaker said. . SAIL said a definitive agreement with ArcelorMittal would be “finalised in due course subject to financial viability” but Steel Secretary Aruna Sharma told Reutersthe (JV) would start production in three years.
