SAIL to expand global footprint

Steel Authority of India (SAIL) is in talks with Nippon Steel, Sumitomo Metal Corp and Kobe Steel for potential technical agreements to help it expand its global footprint. SAIL may also consider buying troubled domestic steel firm assets if offered a cheaper price. The move is in response to a government proposal that public sector steel, power and shipping firms take over assets of indebted private companies. India´s biggest state-owned steel producer has already held an initial round of talks with Japan´s top steelmakers. The steel produced through the tie-ups could be sold to India´s defence sector.