PTI reported that Japan's third largest steel producer Sumitomo Metal Industries said it is conducting studies to set up a steel plant in West Bengal with India's Bhushan Steel.

Sumitomo said in an e mailed statement to PTI that “We are in the feasibility study stage for building steel plant in West Bengal with Bhushan Steel.”

However, it said that no deal has been struck between the two firms.

It said “Sumitomo and Bhushan are studying and negotiating how they can proceed on this project but not yet concluded any legally binding agreement.”

Sumitomo also said that "it is neither decided nor agreed whether Sumitomo would join the deal."

Earlier, Bhushan Steel, the third largest domestic producer of secondary steel, had said the two companies are exploring the possibilities of a joint venture for building a 6 million tonne steel plant at Asansol in West Bengal.

(Sourced from PTI)