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POSCO-India will provide land to Betel Vine cultivators

A Special Scheme for Betel Vine Cultivators to retain their livelihood
200 acres of land to be identified for Betel Vine relocation

Kujanga, November 20, 2006: POSCO-India, the subsidiary of POSCO, the No. 3 steel producer in the world, today announced a Special Scheme of providing alternative land for relocation of Betel Vines to all the betel vine cultivators at its proposed plant site area.

POSCO-India has decided to provide alternative land stretches to betel vine owners cultivating on the Government land and desire to continue Betel Vine cultivation as means of livelihood. As per the Scheme, suitable land that qualifies for betel vine cultivation will be provided within or outside the POSCO-India project area. Further, adequate assistance will be provided to them for restarting their main source of income.

This Scheme of POSCO-India covers benefits additional to the R&R policy of Government of Orissa to take care of people in the plant site area.

POSCO-India plans to conduct its long awaited Socio-Economic Survey at the earliest and ascertain the betel vine status within the project area. A detailed relocation plan will be formulated in collaboration with the Government of Orissa as well as with the betel vine cultivators.

In view of the present number of betel vine cultivators within the project site area, there will be a requirement of approximately 200 acres of land in 2 or 3 places as alternatives for relocation. Currently, Bayanal Kandha, Bhuyanpal, parts of Dhinkia and Banapata Kandha are being actively considered as potential areas for relocation.

Speaking on the occasion, Mr. Soung-Sik Cho, CMD, POSCO-India, said,“This relocation option will enable both the betel vine farm owners and their employees to retain their livelihood in line with their specialized skills of betel vine cultivation. Since POSCO–India strongly believes in growing together with the community, it will make all possible efforts from its side to ensure that the betel vine cultivators are not only relocated properly but also enjoy a better environment by all means.”

About POSCO-India

POSCO-India Private Limited is a subsidiary of POSCO, the world’s No. 3 steel producer and one of the most competitive steel companies. POSCO signed a Memorandum of Understanding (MoU) with the Government of Orissa in June 2005, to set up a 12-mtpa green field steel plant near Paradip, Jagatsinghpur District, Orissa, with an estimated investment of USD12 billion. The company will build a 4 million tonne capacity steel plant in Orissa, during the first phase of its project between 2007 and 2010 and expand the final production volume to 12 million tonne per annum. POSCO-India Pvt. Ltd. was incorporated on 25th August 2005 with the Registrar of Companies, Orissa, under the Companies Act 1956.