Essar Steel, Posco sign pact for supply of flat steel products
Essar Steel on Thursday said that it has entered into a strategic pact with Posco for supply of 1.1 million tonne flat steel products during the ongoing fiscal.
"Essar Steel has signed a strategic long-term MoU with Posco for supply 1.1 million tonne of flat steel products during the current financial year," the company said in a statement.
This is second year in a row that Essar Steel has signed such a contract. The contracted volume this year is higher by 30 per cent compared to last year.
The pact is in line with Essar Steel's strategy to lock-in a certain portion of its production through long-term arrangements. In addition to Posco, Essar Steel has MoUs with customers from auto, infrastructure sector and has overseas customers as well. Further, almost two million tonnes of flat products is used by Essar Steel in its downstream units.
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