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ArcelorMittal, India's SAIL agree on proposal to advance $913M venture
May. 31, 2017 3:45 PM • SA Editor Carl Surran
ArcelorMittal (MT -2.3%) and Steel Authority of India agree to a proposal to export 20% of auto-grade steel they aim to make under a planned automotive joint venture, Reuters reports.
MT also agrees to waive a fee for the venture to use its brand and its research and technology, that any losses caused by delays in setting up the partnership would be borne by the venture, and that the $913M cost to establish the venture could rise, according to the report.
Indian government think-tank NITI Aayog is mediating talks on commercial terms for the delayed venture that will give MT a foothold in the world's fastest growing steel market.