South Korean steelmaker POSCO has signed an agreement with Shree Uttam Steel and Power to set up a 3 million tonne-per-year integrated steel plant in Maharashtra. The proposed joint venture plans to set up the steel plant in two phases and take advantage of an expected surge in steel demand in India. Shree Uttam Steel and Power is owned by the co-promoters of Uttam Galva Steels Ltd, which is jointly owned by the world’s largest steelmaker ArcelorMittal.
Important Facts
- ArcelorMittal was formed in 2006 from the takeover and merger of Arcelor by Mittal Steel.
- ArcelorMittal is the world’s largest steel producer, with an annual crude steel production of 98.1 million tons as of 2014.
- Lakshmi Mittal, the chairman and CEO of ArcelorMittal, is an Indian steel magnate, based in the United Kingdom.
- Steel is an alloy of iron with about 1 percent carbon. It may also contain other elements, such as manganese.
- Because steel and iron expand when heated, the Eiffel Tower is about six inches taller in the summer than in the winter.
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