Tata Steel Ltd. (500470.BY) Wednesday said it has signed a pact with Rio Tinto Ltd. (RIO.AU) to develop an environmental friendly direct iron smelting process called as HIsarna.

Under the pact, the two companies will work together to develop the HIsarna ironmaking process, which consists of two technologies owned by Tata Steel and Rio Tinto, the company said in a statement issued late Wednesday.

At present, Rio Tinto is interested in full control of Australian mining company Riversdale Mining Ltd. (RIV.AU). Tata Steel, which owns about 27.1% stake in Riversdale has, however, not sold out its stake to Rio Tinto.

Earlier Wednesday another major shareholder, Brazilian steel producer Cia. Siderurgica Nacional (SID), agreed to sell its 19.4% stake to Rio Tinto.

-By Prasenjit Bhattacharya and Ashutosh Joshi, Dow Jones Newswires; +91 22 6145 6120; ashutosh.joshi@dowjones.com
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