South Korea-based POSCO Engineering & Construction Co., a unit of the world's fourth largest steelmaker POSCO, has obtained an order to build India's biggest blast furnace from Steel Authority of India Ltd (SAIL). The value of the order is $350 million.
The country's largest blast furnace to be located 70 kilometers north of Kolkata will have a capacity of 4,060 m³ and will produce 2.7 million mt of steel per annum.
The construction is foreseen to be completed in March 2010.
SAIL annually produces 14 million mt of steel or about 30 percent of India's total output. As previously reported by SteelOrbis, POSCO signed an initial agreement with SAIL to cooperate on developing and purchasing raw materials and sharing sales networks in India.