POSCO eyes $200 million port
South Korea's steel giant POSCO gave up its plan to use Paradip Port due to its low cargo-handling capacity and decided to build a new port worth $200 million six km from Paradip instead. As previously reported by SteelOrbis, POSCO would build a 12 million-ton steel plant in India's Orissa state. The company originally planned to use Paradip port to ship its products; however it was found that the cargo-handling capacity of Paradip port would not be sufficient for the new plant. Therefore, the company decided to invest in another port that will meet its needs. Paradip Port has a capacity to handle 15'000 tons while POSCO needs a port that can handle more than 20'000 tons.