News: Arcelor Mittal may form shipping JV in India

(RTR 20/09/2006) Mumbai - Arcelor Mittal is in talks with state-run Shipping Corporation of India to form an equal joint venture to transport raw material and steel for the global giant, The Economic Times newspaper reported on Wednesday.

The new company, which will be set up in India, will help the steel maker cut costs, while SCI, India's largest shipping firm, would gain as its ships would be used by the joint venture, the daily said, citing unnamed sources.

It said talks were at an advanced stage. Company officials were not immediately available for comment.