Synopsis:
Reaffirming its commitment towards establishing a 12 MTPA Steel Plant in Orissa and related infrastructure development, Mr. Soung-Sik Cho, CMD, POSCO-India underlined the importance of captive mines. He said this was the main reason behind setting up the steel plant in the state.


Ruling out shifting the proposed plant site, the CMD was hopeful that the Govt. would provide captive mines and also approve a dedicated port and SEZ status. He indicated that POSCO might have second thoughts if captive mines were denied to the plant.


He said the company was determined to be Indian in all respects and was committed to development and prosperity of the state as well as its people. “ We have redrawn our layout as many as 60 times to reduce displacement to the minimum; and now it stands at 400 families ” , he said.


Highlighting the benefits that would accrue in terms of infrastructure and periphery development, Mr. Soung-Sik Cho cited the instance of Pohang city, where after the establishment of the POSCO Plant, the population grew seven times, the budget increased by 20 percent and exports 53 times to the scenario prior to the plant being set up. “ We will replicate Pohang in Orissa, ” he said.


“ The last one year has been full of challenges and a new experience for us, we are committed to bringing in rapid social and economic development in the state ” , he added. “ Over a period of 30 years, foreign exchange inflows will be $22.7 million, Central Govt. tax revenue Rs. 89,100 crore and state tax revenues will be over Rs. 22,500 crore, ” Mr. Cho said.


Answering questions on whether the company would go ahead with the project if it is denied SEZ status or the dedicated port, both of which are being objected to by certain quarters, the CMD turned evasive. “ We hope to get approvals for both ” , he said.


He also said resistance to the project at the local level was by a few people, whereas the majority were supportive. On provisions of the new R&R Policy announced by the Govt., he said the company would go along with the Govt. decisions in all such matters.