POSCO inaugurates new $709 million cold rolling mill.

Korean steel major, POSCO inaugurated its state of art Cold Rolling Mill in Mangaon, Maharashtra. Built at a cost of $709 million, the new Cold Rolling Mill has an annual production capacity of 1.8 million tonne. With POSCO's Continuous Galvanising Line of 4.5 lakh tonne annual capacity already operational in Raigadh, the two plants will together produce goods for the white goods industry, including automobiles.

Speaking at the event, union minister of steel and mines, Narendra Singh Tomar said:'This plant is bold step ahead in the fulfillment of Prime Minister Shri Modi ji's Make in India campaign. We assure all support to other such companies looking to establish their production facilities in India.'

Mr Tomar highlighted the potential of the country's steel industry, given our low per capita consumption level. He also urged POSCO to collaborate with domestic industry to explore partnerships in the area of high-end technology transfer. The programme was also attended by representatives of automobile makers from across the state.

The inaugural function was also attended by Maharashtra's industry minister Subhash Desai and labour minister Prakash Mehta, Ambassador of the Republic of Korea Mr Joon-gyu Lee, POSCO CEO Mr Kwon OhJoon, and other officials.


ET