Arcelor Mittal (NYSE:MT) India Joint Venture Talks

Arcelor Mittal (NYSE:MT) is reportedly in talks with the state-run Steel Authority of India and Tata Steel to enter into a joint venture.

The Steel Authority of India is also in negotiations with Posco, the largest steel producer in Korea concerning a joint venture as well.

Much of this is probably coming from the high demand for steel, which while slowing some in China, is still poised for significant demand for the year, and into the distant future.

China has a strong and growing steel industry, and this would help India compete better if they could land some joint ventures from strong foreign companies like Arcelor Mittal or Posco.