Recently, the Indian government proposed that POSCO and Hyundai Steel join the joint venture. On January 10, POSCO and Hyundai said they had received a proposal from the Indian government to establish a joint venture with the Indian Iron and Steel Authority and the State-owned SAIL and RINL, but had not yet made a decision.
POSCO has owned 450,000 tons of galvanized sheet production line in Maharashtra, western India, since 2012. It has operated 300,000 tons of non-oriented electrical steel production line since 2013, and acquired 1.8 million tons of cold-rolled steel sheet mill for automobiles in 2015. However, since 2015, 1.8 million tons of comprehensive steel mills have been stagnating. Modern ironmaking in India does not have steel mills, but has steel and automotive service centers.
It is understood that the Indian government has a great interest in the formation of joint steel enterprises, aiming to ensure the production of high-quality steel products, such as automobile steel sheets, by establishing joint ventures with steel mills.
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