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POSCO war Zone - POSCO hopeful once again
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Thursday, 18 Oct 2012
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Business Standard reported that acquisition of an additional 700 acres of land for the POSCO mega steel project which was stalled temporarily due to the company's lack of commitment on periphery development work is set to be completed in two months.

Mr Yong Won Yoon CMD of POSCO said that "We would like to express our gratitude to the state government for assuring us that they would hand over the land to us in 2 months. POSCO India is committed to start construction and other project related activities following the land acquisition process.”

While the state government had acquired 2000 acres of land, the South Korean steel major needed an additional 700 acres for setting up an 8 million tonne plant in the first phase. The company which needed 4004 acres in all would later scale up capacity to 12 million tonne after receipt of the balance land.

Though the state government had acquired 2000 acres of land for the POSCO project, only 548 acres was transferred to the company.

Source - Business Standard

(www.steelguru.com)

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