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India Steps Back From POSCO Mill Project
01/22/2016 - The Indian government has set aside plans to establish a steel mill in partnership with South Korea’s POSCO, and will now focus on other projects with ArcelorMittal, reports The Times of India.
"Earlier measures to set up a unit of POSCO with SAIL has not materialized, and is not our priority … We (will) get technology from ArcelorMittal and provide them resources. This will be a value addition for the country," said steel minister Narendra Singh Tomar.
In 2011, the Steel Authority of India Ltd. (SAIL) and POSCO signed a memorandum of understanding on a 3-million-metric-ton-per-year plant in the state of Jharkhand. That project didn’t come to fruition, but in 2015, the two decided to try again on a pared-down project.
Around the same time, SAIL and ArcelorMittal signed a memorandum of understanding to establish a 1.5-million-metric-ton-per-year plant in the state of Odisha.
In 2011, the Steel Authority of India Ltd. (SAIL) and POSCO signed a memorandum of understanding on a 3-million-metric-ton-per-year plant in the state of Jharkhand. That project didn’t come to fruition, but in 2015, the two decided to try again on a pared-down project.
Around the same time, SAIL and ArcelorMittal signed a memorandum of understanding to establish a 1.5-million-metric-ton-per-year plant in the state of Odisha.
