An agreement has been signed by Essar Steel with Posco for supplying the Korean company 1.1 million tonnes of the alloy this fiscal.

According to an official, Essar only makes flat steel and the supply is for Posco’s consumption in India.

The official said that this is the second year in a row that Essar Steel has signed such a contract with Posco. The contracted volume this year is higher by 30 percent as compared to last year. The contract this time is also like last year that is for 12 month’s supply of steel.

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