POSCO not to export iron ore from India

POSCO not to export iron ore from India

South Korean steel giant POSCO accepted the Orissa government's condition that the company does not export iron ore from the mines allotted to it in an effort not to jeopardize its chance of building a $10 billion-steel plant in the state. As previously reported by SteelOrbis, POSCO asked for 1 billion tons of iron ore reserve in the Orissa for its proposed 12 million-ton steel plant. POSCO wanted to use 600 million tons for its plant and to export the remaining 400 million tons; however the government rejected this proposal. The disagreement on iron ore reserves delayed the signing of a memorandum of understanding between POSCO and the Orissa government.