Bhubaneswar, March 30, 2008 Stance of POSCO – India on Ground Breaking Ceremony (1st April 2008) The ground situation at the plant site has become conducive for POSCO-India project, with most of the villages openly expressing their support in favor of the project. This is evident from the recent successful completion of socio-economic survey as well as land demarcation work. As on today, certain procedural sanctions still remain to be obtained, despite the best efforts of the Company. Under these circumstances, it would be difficult to perform the ‘Ground Breaking Ceremony’ on 1 st April 2008. The company is closely monitoring the situation and trying its best to get the necessary sanctions. This will pave way for holding the ‘Ground Breaking Ceremony’ at the earliest.