The objective of the project is to build one of the world’s most competitive steelworks with advanced technology and stable iron ore supply from captive mines, together with the economic development of Orissa.
We believe that the Sustainable Competitive Advantages will be attained when the strengths of India and POSCO are combined. India’s huge growth potential, human resources, its open policy, and vast natural resources create an ideal environment for investment. We believe POSCO India can effectively utilize these resources, in combination with POSCO’s experience for successfully constructing and operating 2 integrated steel plants in Korea, along with its advanced technology and solid financial structure.
National Steel Policy (NSP), 2005 estimates that India’s steel production will rise to 110 million tons by 2019-20. With the changed scenario it is expected that the steel production will skyrocket to 200 million tons by 2019-20. The government is actively encouraging steel consumption so that the steel industry will act as the locomotive for economic growth. To realize this goal and catapult India into a steel superpower, POSCO India will contribute 12 million tons per annum from its envisioned Greenfield project.
When such favourable conditions are utilized effectively, it will create a win-win situation for all parties involved.
A bi-national Project between India and Korea, the POSCO India project has three main elements, consisting of the integrated steel plant, as well as the development of mines and related infrastructure.