POSCO steel plant construction to commence in September 2008

By Staff
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Google Oneindia News

Bhubaneswar, Aug 25 (UNI) POSCO India, the subsidiary of the third largest steel manufacturer in the world, has projected to start the construction for its 12 million tonne steel plant at Paradip in September 2008.

Considered to be the largest FDI in the country, the South Korea steel major would kick off site preparation and piling work for port by April 2007.

The arrangements for water and power supply for the construction are expected to be in place by March 2007 and the commissioning of first Phase is expected by end of 2010 in line with the original schedule.

On the completion of its one year of foundation day, POSCO-India Chairman cum Managing Director Soung-Sik Cho said the steel plant, most prestigious of all projects outside Korea, was emerging stronger with every passing day.

He said as a part of its commitment towards the socio-economic betterment and the overall progress of the local community, the POSCO-India has undertaken several measures like establishing better interface with the displaced families through a 'Villagers Friendly Programme to address the immediate needs of the displaced and the affected community.

The Company, he further said was planning to set up a training center on seven acres of land in Sandhakuda, Kujanga and Jagatsinghpur to impart vocational training to the displaced people for better employment prospects.

To mark the first foundation day occasion, the company, Mr Cho said introduced Code of Conduct for its employees and pledged to adhere to its global ethical practices and reaffirmed its commitment to its proposed Greenfield project in Orissa.

He said the vision of the Company was to produce 100 MT steel by 2020. The current steel production in India stands at about 40 MT per annum and there is a discernible gap of 60 MT.

Mr Cho said the POSCO-India would like to contribute to the growth and development of India through quality steel production and use of advanced technology.

UNI DP SP AKP2133

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