Uttam Galva's arm signs MoA with Posco

12 Aug 2015 Evaluate

Uttam Galva’s arm Shree Uttam Steel and Power has signed Memorandum of agreement (MoA) with South Korean steel giant Posco to set up an integrated steel manufacturing facility under a joint venture (JV) arrangement in India. The MoA is the first step of a process to establish a JV between the two companies. The proposed JV plans to set up 3 million tons per year (MTPA) integrated steel plant at Satarda in Maharashtra in two phases. This JV will help company to develop an integrated steel manufacturing facility in line with the government’s ‘Make in India’ initiative.

Uttam Galva Steels is one of the largest manufacturers of cold rolled steel ('CR') and galvanized steel (GP) in Western India. The Company is into the business of procuring hot rolled steel ('HR') and processing it into CR and further into GP and Colour Coated Coils. In Galvanized coils it specializes in making ultra thin sheets, which could be as low as 0.13mm thickness. The excess capacity of CR which is not used for galvanizing is converted to value added grades in Cold Rolled Closed Annealed ('CRCA') coils, cut to length sheets and also sold as Full Hard CR in the overseas markets.

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