Saturday, 4 July 2020

SAIL in talks with Japan’s Nippon Steel, Kobe for tie-ups

Updated: January 11, 2017 12:03 pm

Steel Authority of India Ltd is in talks with Japan’s Nippon Steel & Sumitomo Metal Corp and Kobe Steel Ltd for potential technical agreements to help the firm expand its global footprint, said SAIL’s chairman. SAIL – which has been in the red for six quarters – may also consider buying troubled domestic steel firm assets if offered a “cheaper price”, Prakash Kumar Singh said in his first official response to a government proposal that state steel, power and shipping firms take over assets of indebted private companies. India’s biggest state-owned steel producer has already held an initial round of talks with Japan’s top steelmakers, Singh said, adding that the steel produced through the tie-ups could be sold to defence sector.

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