The Hindu Business Line : Posco keen on setting up steel plant in Orissa

THE South Korean steel major Pohang Steel Company (Posco) on Friday reiterated its commitment to set up a 12-million-tonne-per-year steel project in Orissa and hoped that the State Government would execute the memorandum of understanding for the same as soon as possible.

The picture became clear when all the issues involved were discussed threadbare at a high-level meeting chaired by the Chief Minister, Mr Naveen Patnaik, at the State Secretariat on Friday. The Director of India Project Department of Posco, Mr Jeong Tai-Hyun, and senior officials from both sides attended the meeting.

"Almost all issues have been thrashed out. Posco has accepted the State Government's decision not to allow trading of iron ore," the Chairman-cum-Managing Director of Industrial Promotion and Investment Corporation of Orissa Ltd, Mr Priyabrata Patnaik, told Business Line.

Although Posco will not export iron ore, it was, however, agreed that the company would export a small portion of ore against import of good quality ore from Brazil, as the iron ore available here has high alumina content.

The Posco officials informed that they would also try to rope in other investors connected with their company for setting up upstream and downstream ancillary units.

The Naveen Patnaik Government has signed 35 MoUs with various private companies for setting up steel plants in the State.

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