The Sumitomo Metal Industries company, which is Japan’s third largest producer of steel, is currently conducting studies to ascertain the feasibility of setting up a new steel plant in West Bengal in co-operation with India’s Bhushan Steel.

“We are in the feasibility study stage for building steel plant in West Bengal with Bhushan Steel,” Sumitomo said in an e-mailed statement to PTI.

However no deal has yet been struck between the firms, as the email continued “Sumitomo and Bhushan are studying and negotiating how they can proceed on this project but not yet concluded any legally binding agreement,.”