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Tuesday, Dec 14, 2004

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Tata Steel in talks with BlueScope for joint venture

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TATA Steel is likely to form an equal joint venture with BlueScope Steel to produce downstream products, mainly for the construction and building industry, according to company officials.

BlueScope is a large steel producer in Australia and New Zealand. Last week, BlueScope had announced that it would invest Rs 340 crore in setting up three manufacturing facilities in India - at Delhi (for rollforming and components), Pune (pre-engineered buildings, rollforming and components) and Chennai (rollforming and components).

BlueScope had also stated that it was in talks with Tata Steel for a 50:50 joint venture to develop a metal coating and paint line facility in India and if that materialised, the investments in the three new plants would also form part of that joint venture.

Tata Steel officials confirmed that talks were on and a decision would be taken shortly. The plant at Chennai would come up at suburban Tiruninravur, on the premises belonging to a defunct steel rolling mill, according to the officials.

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