Hyundai Steel, a Korean steel company. Rashtriya Ispat Nigam Ltd (RINL) — Indian state-owned company. Korean company interested in joint venture with RINL. It will help with the implementation of the new project. The company wants to build a factory on manufacture of sheet hire. It will be produced for the automotive industry. The planned performance of the plant is 3 million tons per year. Today it is quite the optimum size. Hyundai Steel has already made such a proposal to the Indian company.
Currently Rashtriya Ispat Nigam Ltd is occupied with another project. It is engaged in capacity expansion of the plant Visakhapatnam (Visag Steel). Its performance is 6.3 million tons per year. After the project it will reach 7.3 million tons. Bring to the desired figure will be until the end of next year. The new plant is being built on an empty site belonging to the metallurgical complex. Its area is about 120 hectares. This is a pretty valuable asset. It is known that to acquire the land in India is not easy.
Proposed Hyundai Steel project is still under consideration. In addition, negotiations are underway with the Ministry of metallurgical industry of India. You must agree with them all the important points. First, in terms of raw material supply. This issue needs to be resolved before the launch of the company. Hyundai Steel has facilities in Korea and in other countries. Total capacity is 12 million tons of sheet products per year. Main consumers are the automotive plants of Hyundai group. In India the group has two plants. Together they produce over 710 thousand cars a year.