BHP Billiton still interested in POSCO jv

BHP Billiton still interested in POSCO jv

Australian mining giant BHP Billiton announced today that it is still in negotiations with South Korea's steel giant POSCO on a 10 billion-iron ore and steel joint venture in India, declining reports that assert that BHP Billiton pulled out of the project. An official from BHP Billiton stated that the negotiations with the Orissa government of India are at a very preliminary stage. In line with the project, BHP Billiton will provide iron ore and infrastructure to the $10 billion-plant. The joint venture plant is scheduled to start producing steel in 2009. The capacity of the plant is planned to be increased to 12 million tons by 2013.