POSCO seeks iron ore reserve in Orissa

POSCO seeks iron ore reserve in Orissa

South Korean steel giant POSCO has reportedly sought an iron ore reserve with a capacity of 1 billion tons in the state of Orissa, India in order to meet raw material requirement of its planned steel plant in the state. As previously reported by SteelOrbis, POSCO announced in October that it plans to build a 12 million-ton steel plant in the Orissa state with an investment of Rupees 400 billion ($9.1 billion). POSCO officials stated that the planned steel plant will require 960 million tons of iron ore in order to operate for 50 years. POSCO officials are in negotiations with the Orissa state officials to discuss the subject. Although the current policy of the Orissa state allows iron ore usage for 25 years, the officials stated that they will meet the need of planned steel plant.