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POSCO war zone - Protests and sand but no steel
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Tuesday, 12 Feb 2013
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Reuters reported that a few weather beaten shipping containers a swathe of sand and a bitterly divided village that is all South Korea’s POSCO has to show 7 years after it announced plans for a USD 12 billion steel mill on a fertile strip in Odisha.

Last week the project took a step forward as land was taken over from farmers for the first time since 2011 and yet POSCO is still a long way from its goal of forging steel there.

Despite the years of protests and battles over environmental clearances POSCO insists it is not about to throw in the towel, however if a court ruling on access to local iron ore goes against it that could push it over the edge. Mr Rakesh Arora a metals expert and head of research at Macquarie Capital Securities said that “They didn’t come here because of their love of India. Without the iron ore it would be cheaper to set up in China where the capital costs are lower.”

Source - Reuters

(www.steelguru.com)

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