NEW DELHI (Reuters) - Steel Authority of India Ltd, the country’s top state-owned steel producer, on Sunday said it has deepened strategic technical ties with South Korean steelmaker POSCO for its plant in eastern India.
Loss-making SAIL has been chasing tie-ups with foreign majors such as ArcelorMittal and POSCO - known for their cutting-edge technology - as most of its plants were built almost half a century ago and need new technology and equipment.
The pact is expected to help SAIL produce wire rods in special grades to meet local and international requirements from its Burnpur plant in West Bengal, SAIL said in a statement.
SAIL and POSCO last year signed a preliminary pact and the sharing of technology would be an extension of the existing tie up, the statement said.
Reporting by Neha Dasgupta; Writing by Malini Menon; Editing by Christian Schmollinger