POSCO downsizes Orissa steel plant capacity to 8 million mt per year

South Korea-based steelmaker POSCO has agreed to downsize its planned 12 million mt per year steel plant and instead set up an 8 million mt per year facility near Paradip, Orissa, India, following talks with Orissa's Chief Minister Naveen Patnaik, according to media reports.
 
The steelmaker stated that the construction works will begin once the government has allocated the requested land. Media reports indicate that the land required for a 12 million mt per year steel plant could not be allocated due to opposition from locals and so the planned facility had to be downsized.
 
The INR 520 billion ($9.56 billion) steel project is considered to be the biggest foreign direct investment in India.