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Report: India eyeing JV with South Korea's POSCO, Hyundai Steel

India is eyeing POSCO and Hyundai Steel Co. as potential joint venture partners of state-owned Steel Authority of India Ltd., or SAIL, and Rashtriya Ispat Nigam Ltd., Bloomberg News reported Jan. 9, citing sources.

According to the report, the government is looking to boost local production of high-grade steel, which the country heavily imports despite local availability of high-grade iron ore. Increased output will also help several Japanese and South Korean automobile firms that manufacture in India, the report added.

The South Korean steelmakers gave a favorable response, the report said, with partnerships being explored in brownfield projects.

India is reportedly looking to attract foreign investment in the steel sector amid growing demand, but efforts have been unsuccessful so far.

Delays have hounded the US$1 billion automotive steel JV between SAIL and ArcelorMittal, while multiple issues forced ArcelorMittal and POSCO to cancel their past projects.