SAIL, ArcelorMittal ironing out kinks for $1 bn JV

Indicating that differences between state-run Steel Authority of India Ltd (SAIL) and the steel company ArcelorMittal SA for setting up an automotive steel unit have been resolved, India’s steel minister Chaudhary Birender Singh said the joint venture between the two companies may be signed within next 2-3 weeks.

“There are some differences regarding pricing and all, but I think most of the things have been narrowed down to a great extent, and I am hopeful that if all goes well, then we will have a JV, which is to be signed. And I hope, it may be signed within next 2-3 weeks,” said Singh.

The two companies signed a memorandum of understanding (MoU) in May 2015 to explore the possibility of setting up an automotive steel manufacturing facility in India. The minister further added that negotiations were still on and both SAIL and ArcelorMittal are keen to clinch the issue by the end of December.