Posco expects to commission steel plant in early 2018

Paradip: The much delayed Posco mega steel plant in Odisha's Jagasinghpur district might be commissioned in 2018, the company said on Thursday. "Hoping to get the required land in this year, the first phase 8 MTPA Integrated Steel Plant may get commissioned in the early 2018," a press release issued by Posco-India said.

Stating that the South Korean steel major was awaiting the state government's handover of the required 2,700 acre for the first phase 8 MTPA steel plant, it said the company was expecting the land soon and begin land preparation work. "After the handover of the land, the first two years will be for rehabilitation, securement of land and land preparation works while the construction work is expected to take around 36 months," it said.

Though the project was delayed, the company felt encouraged by positive movements and expected the land clearance work to be completed soon, it said. Posco-India said it expected to soon be able to fully support its already operational downstream facilities in India and create a synergy effect thereby successfully serving Indian industries.

As a responsible corporate house, it said that Posco-India always acted as per the law and rules of the state and the country and would also continue to do so in future. The company also envisaged to take up several periphery development and corporate social responsibility activities in and around the project area.

Noting that 2013 marked the 40th anniversary of the establishment of diplomatic relations between India and South Korea, it said that both countries have a vibrant trade and investment relationship. Indo-Korean partnership in science and technology, education, cultural enhancement and others held enormous promise. "Moreover, POSCO project being the biggest FDI of India, holds utmost importance for the diplomatic relationship of both nations," it said.

A Korean minister who had attended an inter-ministerial meeting in February this year, had drawn attention to the delay in the project and requested the Central government to expedite it, it said. Subsequently in March 2013, the Korean Ambassador to India at a meeting with the Odisha Chief Minister had also urged the state governemnt to accelerate the project.