POSCO, Orissa government talks continue

POSCO, Orissa government talks continue

South Korean steel giant POSCO is still reportedly in talks with the Orissa government about its 12 million-ton steel project in India. As previously reported by SteelOrbis, POSCO had disagreement with the Orissa government with respect to mining rights. POSCO asked for 1 billion tons of iron ore reserve from the government, however the Indian government insisted on 600 million metric tons. POSCO officials said that they hoped to sign a memorandum of understanding (MoU) with the government but it seems unlikely for the moment. The officials also added that the talks are still going on, denying the news that claims the talks have already collapsed.