SAIL to Setup ` 50 Bn Steel Plant with ArcelorMittal

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Steel PSU SAIL in joint venture with ArcelorMittal plans to set up ` 50 billion auto-grade steel plant for which three states are considered: one is Maharashtra, another one is Gujarat and the third is Andhra Pradesh. SAIL and ArcelorMittal had entered into an MoU in May 2015 to explore the possibility of setting up an auto-grade steel manufacturing facility under a joint venture in India. The proposed auto steel plant would be put up in one of these three states. The plant with a capacity of 1.5 million tonnes per annum (MTPA) will be scaled to 2.5 MTPA. Last year in December, Domestic steel giant SAIL had announced that its board has approved a proposal to enter into a joint venture with the world’s largest steelmaker ArcelorMittal for manufacturing high-end automotive steel.