Shree Uttam Steel and Power Ltd, a part of Uttam Galva Group and POSCO Korea, has signed a Memorandum of Agreement (‘MoA') to set up an integrated steel manufacturing facility under a Joint Venture (‘JV') arrangement in India.

The MoA was signed in Mumbai today (August 11, 2015). The MoA is the first step of a process to establish a JV between the two companies. The proposed JV plans to set up 3 MTPA integrated steel plant at Satarda in Maharashtra in two phases.

Ankit Miglani of Uttam Galva said "We have been associated with POSCO across various aspects of the steel business over the years. Today's signing signals our intention to further advance our collaboration with POSCO to a higher level on the value chain.

"Also we feel that the future of the Indian Steel Industry is bright and we are poised to as a nation make a quantum leap on the Global Steel stage. This JV will help us to develop a world class integrated steel manufacturing  facility in line with the with the government's ‘Make in India' initiative. We hope to with POSCO's create an integrated steel plant that will be a centre of manufacturing excellence".

(Continued on the next page)