SAIL, Posco sign MoU for strategic alliance

Steel Authority of India (SAIL), India's largest steel producer, and Posco, Korea's largest steel company, today signed a memorandum of understanding (MoU) for co-operating in a wide range of strategic business and commercial interest areas.

G. Ojha, director (personnel), SAIL, and Soung-sik Cho, senior executive vice president and member of board, Posco, signed the MoU in the presence of SAIL chairman S K  Roongta at the SAIL corporate office in New Delhi today. 

The MoU states that the partners have agreed to co-operate in the following areas of business:

* Information sharing in the area of corporate strategy planning;

* Exchange of engineers, technicians and other professionals;

* Sharing of know-how and expertise in the areas of development of mines and business practices such as ERP, PI and Six Sigma;

* Joint usage of each other's existing marketing and warehousing network; and

* Co-ordination in procurement of coking coal, nickel and ferro-alloys and engagement of transportation vessels.

The partners will establish a co-ordination group within two weeks to monitor, guide and review the implementation process of the MoU.