Jaway Stainless Steel

Posco to Set Up Ferrochrome Joint Venture in India

Posco to Set Up Ferrochrome Joint Venture in India

Posco, the world’s second-biggest maker of stainless steel, said it will jointly produce ferrochrome in India with Indian Metals & Ferro Alloys Ltd. as it seeks to secure stable supplies of the raw material.

Posco will own 24 percent and Indian Metals & Ferro 76 percent of the entity, which will produce 35,000 metric tons of the ferroalloy a year, the Pohang, South Korea-based mill said in a company newsletter posted on its website today. It didn’t give an investment value.

The South Korean mill will purchase the raw material for 25 years and the Indian company will provide ore materials, according to the newsletter.

Posco, which imports 480,000 tons of ferrochrome a year, already has a similar venture for the material in South Africa.