POSCO steel project to commence in January 2007

Paradip (Orissa), May 10 (UNI) South Korea Steel major POSCO will commence construction of its 12 million tonne Steel Plant project from January next, according to POSCO India Managing Director Soung Sik Cho.

Talking to newsmen here, Mr Cho said the Company has sought the help of Goa-based National Institute of Oceanography(NIO)for Environment Impact assessment (EIA) to set up a captive port at the Jatadhari river mouth 10 km from the Paradeep port.

POSCO India has also sought the assistance of India-based Consulting Engineering Services (CES) and Denmark-based Danish Hydraulic Institute(DHI) besides NIO to conduct survey work for Environmental Impact Assessment(EIA).

To a question, Mr Cho clarified that the proposed captive port would neither hamper the trade or business of Paradip port as apprehended in various quarters nor affect the revenue of the port.

The POSCO India Managing Director said they would manage to save 20 per cent of the infrastructure cost with the establishment of a new captive port.

''We cannot think about large-scale steelworks and a captive port separately as a captive port is essential for a large scale steelworks and must be available for use at all times,'' Mr Cho said.

He rather claimed that the Paradip port would be benefited after the establishment a mega steel plant with an investment of 12 billion US Dollar and considered to be the largest FDI in the country.

Mr Cho said in the future, Paradip and its nearby areas would grow as the centre for the manufacturing industry and the port at Paradip would be handling increased traffic.

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