Both parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company.

Indian steelmakers witnessed record-high prices at the beginning of December last year as global commodity prices rallied following a rebound from the second wave of the pandemic.

2021 saw a stronger than originally expected recovery in steel demand based on vaccination rates and government support measures.

Eskom plans further electricity price hikes for South Africa

Australia's jet fuel demand battered by omicron, but medium-term outlook brighter

Rio reports tough end to the year

As the domestic market has been heavily affected by the COVID-19 pandemic, many small steel enterprises experienced a sharp decline in profit in the third quarter of 2021.

Both the entities have signed a memorandum of understanding (MoU) to this effect.