ArcelorMittal, the world’s leading steel and mining company, and the Steel Authority of India Limited (SAIL), India’s leading steel company, signed a Memorandum of Understanding to set up an automotive steel manufacturing facility under a joint-venture arrangement in India. The proposed JV will construct a state-of-the-art cold-rolling mill and other downstream finishing facilities in India that will offer technologically advanced steel products to India’s automotive sector. SAIL is in the process of completing a comprehensive expansion program to increase its hot metal capacity from 14 million tons per year to 23.5, with an expected increase in production of value-added steels.