Steel Authority of India (SAIL) and South Korean steel major, Posco in November 2011 signed a memorandum of understanding to develop a feasibility study to establish a joint venture company for production of cold-rolled non-oriented products.
The MoU also provides for formation of a joint venture company with FINEX technology facility at Bokaro or any other location. The feasibility report, prepared jointly by SAIL and Posco, envisages a FINEX technology-based steel plant of around 3 million tonnes annual capacity at Bokaro and other downstream steel facilities
According to the MoU, based upon joint feasibility studies, definitive agreements will be entered into subject to approval of respective boards.
FINEX technology is operational only in the Pohang plant (Korea) of Posco.
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