Today, SAL Steel announced a supply agreement with AIA Engineering (AIA) for three years of Ferro chrome on a non-exclusive basis. Also, the company has agreed to avail of a secured inter-corporate deposit of Rs 125 crore from AIA, which the company will use to repay loans for working capital requirements. The business of SAL Steel is manufacturing sponge iron, Ferro Alloys and power. All the products must be sold in domestic and international markets. AIA Engineering is currently involved in manufacturing High Chrome Mill Internals.

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SAL Steel’s shares hit an upper circuit of 5 per cent at Rs 11.34, while AIA Engineering rose 0.93 per cent to Rs 2,529.40 on the Bombay Stock Exchange (BSE).