India requested Japanese and South Korean in high-grade automotive steel

Vastavam web: India has requested Japanese and South Korean steel makers to step up their investments by building new plants in the south Asian country to produce high-grade automotive steel, a senior civil servant told.India mainly imports the high-tensile steel from Japan and South Korea. However, demand for the auto-grade metal is rising in India as companies such as Hyundai Motor Co ramp up their production to make the country a manufacturing and export hub for small cars.

“Japanese companies can come through joint ventures or independently because India is becoming an auto manufacturing hub so the requirement of auto grade steel is going to go up,” Sharma said.Sharma also said state-owned Steel Authority of India Ltd and ArcelorMittal, the world’s biggest steelmaker, were “fine-tuning” the terms of their agreements for a $1 billion automotive steel plant in India.Billionaire Sajjan Jindal’s JSW Group has already tied up with Japan’s JFE Holdings to produce 2.3 million tonnes of auto-grade steel.