POSCO hopes to start work on steel plant by April

New Delhi: The world’s fourth largest steel producer POSCO on Friday reiterated that it is committed on the proposed 12-million-tonne steel plant in Orissa. The company has said that it hopes to start work by April next year.

“We have had a very positive and productive meeting regarding land and mining issues and POSCO is committed to setting up the steel plant in India.

“We hope to have the ground breaking ceremony for the plant on April 1 next year, which also happens to be the 40th anniversary of the company,” Chief Executive Officer of the company, Mr Ku-Taek Lee, told newspersons after meeting the Orissa Chief Minister, Mr Naveen Patnaik, here on Friday.

The plant would be the country’s single largest foreign direct investment (FDI) project, but is yet to secure a mining permit and the land has not been fully cleared of the occupants.

The company secured the necessary environmental clearances from the Government in August, more than two years after agreeing to invest $12 billion in the project.