Japan And South Korea Are Interested In Indian Steel Sector


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.”

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.

The minister earlier had said public sector companies have advantages such as captive mines and they must go for value-added special grades of steel. India should cut its dependence on special steel product imports through value addition and form JVs with global leaders for technological know-how.