POSCO awaiting Orissa government approval for steel plant

POSCO awaiting Orissa government approval for steel plant

According to recent news in the market, South Korean steel producer, POSCO is currently in talks with India's Orissa state government to establish a plant due to the high-quality of iron ore available in Orissa. Posco plans to build a 3 million-ton capacity plant which would be increased up to 10 million tons in the next five years. A secretary from the Korean Steel Ministry stated that POSCO most likely will not face any difficulty obtaining approval for the plant, as up to 100% foreign direct investment is permissible in steel manufacturing in Orissa state.