Synopsis: Mr. Soung-Sik Cho, CMD, Posco India, emphasized that it was a bilateral project between India and Korea and a win-win situation for the state. Unfazed by the delays and opposition in some quarters, Mr. Cho said that it is the most prestigious project of the company outside Korea and is emerging stronger with every passing day.
To mark the occasion, the company introduced a ‘code of conduct’ for its employees and pledged to adhere to its global ethical practices. The code of conduct reflected the company’s commitment to integrity and discipline, embodied in its management philosophy and its intention to become an exemplary company in India with high standard of work ethics and transparency.
The CMD and one Indian staff, on behalf of all employees of POSCO-India signed the pledge to abide by the ‘code of conduct’ in all functions of the company. Subsequently all the 86 employees underwent a self-test on code of conduct with focus on workplace conduct.
The Prospective License is expected to be granted soon. The Committee for Coastal Regulation Zone and Environmental Impact Assessment has decided to recommend the port proposal to the centre. The company’s SEZ proposal has been sent for approval to the centre already. The company plans to start site preparation for steel plant 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. The construction of the steel plant is projected to begin in September 2008 and the commissioning of first phase is expected by end of 2010.
