The Steel Authority of India Ltd (Sail) and South Korean steel major Posco have signed a MoU to commence a feasibility study to establish a joint venture company for the production of cold rolled non grain oriented electrical steel.

It also provides for formation of a joint venture company using Finex technology at Bokaro or another location. Finex is a development by Posco of the Corex process utilising fine ore and coal to produce liquid iron. The envisaged size of the plant is 3Mt/y and will include downstream operations.