Hiroshi Sato (left), President and CEO, Kobe Steel, and C. S. Verma, Chairman, SAIL, exchanging copies of the MoU in Tokyo on Tuesday. (Credit Photo @ The Hindu)
Steel Authority of India Limited (SAIL) and Kobe Steel of Japan have signed a memorandum of understanding (MoU) for comprehensive strategic collaboration covering technologies, projects and other areas.The MoU was signed by Hiroshi Sato, President and CEO of Kobe Steel, and SAIL Chairman C. S. Verma in the presence of P. K. Misra, Secretary (Steel), and senior officials of the two steel companies in Tokyo on Tuesday.With India’s steel industry and steel-related business showing remarkable growth and promising development for the future, Kobe Steel and SAIL intend to build a relationship of mutual benefit under the MoU. Both companies plan to form teams that will carry out collaborative work to lead to actual projects, a SAIL release said.
Kobe Steel and SAIL have already begun a feasibility study for a joint venture that utilises the former’s ITmk3 iron-making process. Both companies share the common view of desiring to further develop this relationship, which led to the formation of this MOU. [ITmk3 technology is a simple process with a single-step furnace operation. It uses rotary hearth furnace (RHF) to transform iron fines and pulverised coal into iron nuggets. Reduction, melting and slag separation completes within ten minutes. Process temperature is 1350-1450°C.] With reference to finished products, specific projects / studies will be undertaken to explore the possibility of producing high-value products, such as products for automobile, nuclear power plants and conventional power plants such as forged material and tubing material as also special alloy steel and bars, and stainless steel tube and/or any other product mutually agreed to between Kobe Steel and SAIL.If Kobe Steel and/or SAIL have contractual agreements with other companies, the items covered under such agreements would not be considered in the MoUSAIL and Kobe Steel plan to work together for meeting the requirements of sophisticated steel products for India’s growing economy. SAIL is India’s largest steelmaker and has numerous iron ore and coal mines. Kobe Steel has world-class technologies for producing high value-added steel products, but also raw material processing and iron unit production including pellets, direct reduced iron and the ITmk3 iron-making process.Both companies intend to build a co-operative relationship covering a wide range of fields, from upstream to downstream processes
Source: The Hindu