Sunflag & Steel Co. Ltd., manufacturers of world-class automobile Spring Steel recently announced their partnership with Japan’s leading specialty steel producer Daido Steel Co. Ltd for technical assistance regarding equipment investment and product evaluation. This partnership will enable Sunflag Iron & Steel Co. Ltd. to produce high-quality specialty steel more efficiently by receiving technical assistance from advance steel manufacturer Daido Steel Co. Ltd.
Alloy and special steel market are one of the fastest growing markets in India steered by the accelerated growth in automobile and motorcycle industry. A huge expansion supported by large investments in infrastructure industry has also raised the demand for such steels. Announcing about the tie-up, Mr. Ravi Bhardwaj, Vice Chairman, and Managing Director, Sunflag Iron & Steel Co. Ltd. said, ‘To cater to huge requirements and to keep up with expanding special steels market, Sunflag Iron & Steel Co. Ltd. has been consistently developing new grades and doing incremental investments for adding up new and up-to-date technologies for producing such special steels. This tie-up will enable us to receive technological assistance from Daido which will immensely help us in our operations. Eyeing the soaring consumer demand, most of the automobile companies are setting up their manufacturing units in India. These companies have always generated a demand for premium quality steel to produce world-class automobiles.
In the current scenario, these companies have to import steel for critical components due to their non-availability in India. Looking at the highly cost-competitive Indian market importing such steel will be uneconomical, therefore, these companies are anticipating the Indian steel manufacturers to supply quality steel for critical components.