Satyam Computer Services Limited has signed a framework agreement with World's largest steel maker, ArcelorMittal as one of the only two global IT services providers to consolidate sub-contractors’ activities.

This agreement will focus on enhanced application support, cost advantages, reduced vendor management overhead, dependable partnership for future enhancements and IT Convergence initiatives for ArcelorMittal.

Satyam will share a significant portion of approximately 70% of the currently subcontracted activities in the scope of this initiative. Satyam will deliver these services in combination with ArcelorMittal's European partners. Further specifics of the services are still to be deemed.

The Framework Agreements are going to be valid for 3 years, till 2011 however, the details of specific activities coming under the scope of the framework agreement will be defined with involvement of all key stakeholders, and will be communicated through the appropriate channels at the appropriate time.

ArcelorMittal has been a valued customer for Satyam since 2003.

Satyam Computer shares touched a high of Rs 486 on the NSE after the news. It ended the day at Rs 479, up Rs 36 or 8% over the previous close. The total volume of shares traded was 10,430,965.