South Korean steel giant POSCO has announced that it will establish a 300,000 mt per year non-oriented electrical steel sheet plant in Vile Bhagad industrial complex near Mumbai, India.
According to the decision taken at a POSCO board of directors meeting on February 1, the construction process will start in 2011 with completion planned for August 2013.
The company release pointed out that POSCO will receive materials for the new non-oriented electrical steel sheet factory from the cold rolled factory to be constructed within the same factory site, reducing logistics costs and securing competitiveness from the start.
With the investment, POSCO seeks to strengthen market control in India's non-oriented electrical steel sheet industry, which currently relies on imports for more than half of its demand.