POSCO's experience in Korea over the last few decades has demonstrated that a project of this nature has immediate and long-term benefits that cascade through many generations.
The POSCO plant in Orissa is expected to bring about meaningful growth and investment in India, and would also further downstream industries like automobile, shipping and construction. POSCO brings its advanced technology and capital base to the joint venture with India, and offers India a step up in its goal to build its steel industry into a global powerhouse.
POSCO will make a major investment of USD 12 billion in India. This projects India as an attractive investment destination for other global players.
India will derive significant benefits from the POSCO India project, as it will create an estimated 48,000 direct and indirect jobs in the region. In addition, the construction phase will create about 467,000 man years of employment for the local population.
There will also be large scale mine development and linked infrastructure development (captive port, rail, roads, etc). Owing to the unique nature of the steel industry, which requires large equipment facilities, the project is envisaged keeping in mind the operations of many years. The project will be followed by other likely investments, which will extensively contribute to the development of India’s economy and society at large.