business

Kobe Steel to build furnace in India

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Kobe Steel and Steel Authority of India Limited (SAIL) have agreed to establish a joint venture company to build a steel plant in India. Provisionally called SAIL-KOBE Iron India Private Limited, the proposed 50-50 joint venture will be headquartered in New Delhi.

"The joint venture will bring about an era of path-breaking technological collaboration between the two advanced and modern companies, heralding a new dawn for the Indian steel industry," said SAIL Chairman C.S. Verma.

The two companies have so far been jointly working on a preliminary study to utilize the ITmk3 process developed solely by Kobe Steel since signing a memorandum of understanding in March 2010.

ITmk3 technology is the latest generation iron making technology where iron nuggets are produced by using iron ore fines and non coking coal. Conventional BF route requires iron ore lumps, sinter and coking coal to produce pig iron. ITmk3 technology produces high quality iron nuggets and the technology is also environmental friendly.

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