Japanese, South Korean firms displayinterest in Indian steel industry

Steel companies from South Korea and Japan have shown interest to invest in India for manufacturing value-added products, Steel Minister Chaudhary Birender Singh said. A source in the ministry said: "The steel ministry is already in talks with Posco and Hyundai Steel to explore possibilities of investing in India for producing value-added steel products." When asked if India has written or is in talks with some foreign companies such as Posco and Hyundai Steel to form joint ventures (JVs) with state-run companies Steel Authority of IndiaNSE -1.72 % Ltd (SAIL) and RashtriyaIspat Nigam Ltd (RINL), Minister Singh gave an affirmative reply. Sources in the ministry said the ministry has held several rounds of meetings and discussions to facilitate manufacturing of high-grade steel in India with the help of foreign companies especially from Korea and Japan. In November, the Ambassador of South Korea met Steel Secretary Binoy Kumar and said that Posco and Hyundai Steel might form JVs with RINL in due course of time.