BL reported that India’s steel secretary, Mr PK Misra said that the modalities of the joint venture between Steel Authority of India Ltd and South Korean firm POSCO are likely to be finalised by the end of this month.

The steel secretary, on the sidelines of the inaugural session of a “Steel Seminar on FINEX Technical Application” organised by FICCI and POSCO said that “We are working on it. We will be able to decide by the end of this month.”

SAIL and POSCO had proposed a INR 17,000 crore joint venture to set up a steel plant at Bokaro in Jharkhand. Negotiations for the same have been going on for more than a year now. The joint venture proposes to use POSCO's patented finex technology for steel making.

If this happens, it would be the first outside Korea.

(Soured from BL)