South Korean steel giant POSCO (Pohang Iron and Steel Company Ltd) has announced the completion near Delhi of its processing centre for high-grade steel materials which has a designed annual production capacity of 120,000 mt.
The newly-completed POSCO-Delhi Processing Center, which follows the completion of POS-IPC (POSCO-India Processing Centre) last year, has already commenced the manufacturing and processing of steel plates for deluxe automobiles.
With this latest facility added to POS-IPC in Pune and POS-HYUNDAI in Chennai, POSCO says it has secured a bridgehead for selling high-grade steels in the three main locations in India which have high potential for growth.
India's demand for directional steel plates, which currently stands at the level of 130,000 mt per annum, is expected to soar to 200,000 mt by 2010.