The Indian government negotiates with Japan and South Korea Steel Corporation to establish a joint venture steel plant with an annual production capacity of 5 million tons.

As one of the pillar industries of the Indian economy, the steel industry accounts for 2% of India's GDP. India is also the world's third largest steel producer.

On September 14, under the impetus of the Prime Minister's Office (PMO), the Indian steel sector began negotiations with major steel companies in Japan and South Korea to discuss the Rashtriya Ispat Nigam (RINL) steel mill in India and the Korean and Japanese companies in Visakha. The specific case of a 5 million-ton steel mill in the joint venture of the city of Parthenan.

The proposed joint venture, with an investment of approximately Rs. 300 crore, will produce high-end steel for automobiles and other industries, with the aim of replacing imported steel.

It is reported that in the initial meeting with representatives of Japanese and Korean steel companies including South Korea's Posco, the Indian Ministry of Steel promised to guarantee the establishment of a joint venture steel mill to obtain a stable supply of iron ore, and to build a steel plant. The land will also be the land of the RINL company.

If the joint venture is put into construction, it will greatly increase the steelmaking capacity in India. The Indian government plans to increase its steelmaking capacity from the current 134 million tons to 300 million tons in the 2030-2013 fiscal year.