Steel giants of Japan and India signed comprehensive cooperation agreement

November 20 MetalBiz--Japan’s JFE Steel announced on November 19 that they had signed a comprehensive cooperation agreement with JSW Steel, India’s steel giant. JFE planned to occupy India’s market with a sustained economic growth through measures such as automobile technological cooperation. JFR will consider investment based on the JSW’s investment plan.

JSW Steel achieved a crude steel capacity of 7.8mln tons presently, and intended to increase to 11mln tons in 2011. JFE is optimistic to the prospect of JSW and hoped to cooperate with it to supply steel to the Japanese-owned car and home appliance manufacturers in locals.

JFE expected to start from automobile technical cooperation and original plate supply, as well as cooperate with JSW extensively in fields such as environmental countermeasure and raw materials procurement.

With the sustainable growth of economy, India’s high-grade steel demand in automobile industry is rising sharply. Nippon Steel is also discussing the establishment of automobile sheet JV with Tata Steel. Japan’s major steel manufactures are speeding up the pace to enter into India’s market