Its ambition to set up a mega steel plant remains stymied. But, quietly and slowly, Poscoas the company is better known, has been spreading its wings in India.
Away from the limelight, Mu Company has three major projects on course in Maharashtra. The South Korean behemoth is setting up a Rs 3, crore, 1. Sung oversees primary steel production while another subsidiary, Posco Maharashtra, is implementing the three downstream projects.
The electrical steel sheet plant at Raigad - as Korean Steel Company Posco Posco's coil processing units already purring at Pune, Gurgaon and Chennai - produces steel used in home appliances, automobile and power stations.
Click here to Enlarge Posco, ranked third-largest steel maker globally, a gilt-edged company which has millionaire Warren Buffett's Berkshire Hathaway owning five per cent of the shares, ended the calendar year with an output of The behemoth recognises Maharashtra as home to 45 per cent of India's automobile and 40 per cent of electronic appliances production and aims to eventually become a one-stop shop for all industries' needs. Its strategy is to have the Raigad plants get raw material from all sources, including the mother plants in South Korea, and make products first for India and then for overseas markets.
To achieve this, it is building a ,tonne capacity warehouse near Dighi Port. Kang, General Manager, Posco Maharashtra. While Maharashtra has turned J Company Pakistan to be an oasis of optimism, Orissa remains a nightmare for Posco. The conglomerate wants primary and value-addition projects to move hand in hand and develop a symbiotic relationship with each other. While relentlessly following up its Orissa plans, the steel maker is also pursuing opportunities in Jharkhand and Karnataka.
Finex involves direct use of pure iron ore fines and non-coking coal as feedstock in steel making. It reduces pollution by Korean Steel Company Posco per cent, compared to the existing technology and is also cost-efficient," says Sung. Stalemate The South Korean multinational signed a memorandum of understanding to set up a 12 mt capacity integrated steel mill project in Orissa, at an investment of Rs 54, crore, in The integrated project, Outfaced Dance Company of a steel mill, a power plant and a port, is assessed Hungry Jacks Company require 4, acre in Jagatsinghpur district, but protests and government-level hurdles have crippled its progress.
Gee-Woong Sung, MD, Posco India At the heart of the delay is the issue of settling of rights of those families whose livelihood is dependent on the forest land. Orissa has to convince the Ministry of Environment and Forests that no non-tribal family can claim to be dependent for its livelihood on the forest lands it intends to hand over to Posco, and hence, the Forest Rights Act, or FRA, is not Benton Ham Company flouted.
Only then can the process of transfer of forest land to Posco resume. The company is now armed with a conditional approval granted by Union Environment Minister Jairam Ramesh on January It comes with a set of conditions, which Posco and Orissa government say they can honour. But the order has left the protesters fuming.
Villagers, under the aegis of Posco Pratirodh Sangram Samiti, or PPSS, have erected makeshift bamboo gates at eight villages identified for land acquisition Z Company Folding Utility Wagon the project. These are intended to block the entry of outsiders. A bamboo gate erected at Patana village in Orissa to keep Posco officials out. Posco officials insist they have no intention of arm-twisting the villagers. He says so because private land makes up barely acre of the 4, acre estimated for the project.
The rest is forest and government lands, sufficient for the company to get cracking on the project. In Andhra Pradesh, in comparison, Brahmani Steel has been allotted 10, acre to put up a 10 mt mill.
Posco has agreed to pay Rs 17 lakh per acre for the land it gets - accepting the price set by a representative body of stakeholders set up by the state government, the Rehabilitation and Periphery Development Advisory Committee. It has also agreed to compensate those who stand to lose paddy fields, prawn breeding ponds and betel vines.
The package, however, has not cut any ice with PPSS and its supporters. How important is the gargantuan mill to Orissa's economy? If we are able to use it locally and add value, it will create employment here and provide revenue streams to the state and Centre,'' avers the state's Steel and Mines Minister Raghunath Mohanty. Roongta provides a perspective: "Posco will increase competition in the Indian steel sector which is good for consumers.
In the last four years, India has been a net importer of steel, but with increased investments, like the one Posco intends to make, we can eventually become net exporters of steel and value-added products.
India and China are the only two countries where steel consumption has been growing at an electrifying pace. In the month period up to JanuaryIndia produced Posco is not the only big steel maker with India in its cross hairs: Nippon Steel, ranked fourth in the world by capacity, has teamed up with Tata Steel to produce steel An Company El Monte in India, while another Japanese company JFE Holdings, No.
Why Orissa Posco's choice of Orissa as the stepping stone for its largest single-location India project was Best Dry Fruits Company Names by two factors: the state's rich iron ore deposits and its coastline. Around 35 per cent of India's iron ore deposits lie in Orissa, but only a fraction of it is mined, and an even smaller fraction utilised locally.
Similarly, Orissa's long coastline - Posco's plans include building a captive port - facilitates shipments to locations globally. But nothing has gone right since the decision Korean Steel Company Posco made, despite the full backing of the state government. While work on the steel plant remains stalled, even the government's decision to let Posco prospect iron ore at the Khandadhar mines in Sundergarh district was struck down by the Orissa High Court last July, after a local company, Geomin Minerals and Marketing, complained of bias in the decision.
The case is now pending before the Supreme Court. It has been estimated that, if the steel plant does become a reality, Posco will need around mt of iron ore over 30 years of operation. Observers maintain that Posco will not wait endlessly for a mining lease, and it will still stand to gain if its primary purpose of locating its plant in Orissa is achieved.
The mill can run with ore bought from the open market. Other steel companies have to buy ore in the market. The JSW steel plant at Bellary in Karnataka had been assured a mining lease by the state government, which never came. It did not stop Jindal from either commissioning the plant or even expanding capacity.
Joel Hewatt Company for logistics, Posco is firm on having its own captive port. That is how large steel plants the world over are. We need ease of logistics. Paradeep port is already jam-packed. We cannot depend on other ports for movement of our materials and products,'' says Sung, who retains his optimism on the bigticket Korean Steel Company Posco on the Orissa coast.
Both Sung and the Orissa government dismiss any suggestion of Posco relocating its project to another state. Often the acrimony sounds like an endless battle between reason and rhetoric. While it is still early to say which one will eventually prevail, a number of potential foreign investors are surely watching Posco's India journey very closely.
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