POSCO to renew steel mill project effort in Odisha

03 May 2021

POSCO is likely to venture into Odisha with yet another attempt at setting up a mega steel plant. The South Korean company has plans to make one of the single largest FDI for the steel plant, said official sources after a Roundtable on bilateral business opportunities between Odisha and South Korea. 

It may be recalled that POSCO had initiated a mega steel plant project and dedicated port in 2005 and shelved it after failing to make much headway due to stiff people’s resistance against displacement.

Industries Minister Divya Shankar Mishra presented the avenues for investment and collaboration across identified focus sectors of the state.

He said Odisha is in the process of implementing a strategy document, Vision 2030 which aims at value addition of primary metal produced in the state. H.E Mr Shin Bongkil, Ambassador of South Korea to India informed that 66 new

Korean Companies have entered India in the last year. Korean companies have made an investment of USD 17M in 2020 despite the pandemic situation.