World’s 6th largest South Korean steelmaker POSCO has signed an agreement to form a Joint venture with the Uttam Steel and Power to set up a Three million tonnes per year integrated steel plant in Maharashtra. This will be the 1st integrated steel plant for POSCO in India as it continues to battle regulatory hurdles for a Ten years to set up a mega $12 billion steel plant in the eastern Odisha state.Posco and Uttam Steel and Power, owned by co-promoters of Uttam Galva Steels, which is jointly owned by the ArcelorMittal has planned to set the plant at Satarda (Sindhudurg) district.
plant will be set up in 2 phase that expect to yield Three million tonnes of steel per year that requires total investment of Three billion US dollars.The reason for POSCO to set up plant in Sindhudurg district is due to its available iron ore resource.POSCO could scrap the Odisha project on ground of new law that made the iron ore source costlier for that plant.It already has steel processing centres in the cities of Pune, Chennai and near New Delhi.
About Posco:
- It is South Korean multinational steel making company intiated in 1968 and is headquartered at Pohang(South Korea).
- It currently operates 2 integrated steel mills in South Korea and a joint venture with the U.S. Steel, USS POSCO located in Pittsburg, (California).
- It had signed a memorandum of understanding in June 2005 with the state government of Odisha to construct a $12 billion steel plant.
- But the project stalled due to various regulatory delays and controversies that prevented company to start its construction. The memorandum expired in June 2011 and still has not been renewed.
Posco to set up steel plant in Maharashtra
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