POSCO breaks ground for steel plant in Maharashtra | business | Hindustan Times
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POSCO breaks ground for steel plant in Maharashtra

South Korea's largest steelmaker POSCO said it broke ground on Monday on a plant in Maharashtra that will produce galvanised steel sheets for automobiles and electronic goods.

business Updated: Mar 15, 2010 12:49 IST

South Korea's largest steelmaker POSCO said it broke ground on Monday on a plant in Maharashtra that will produce galvanised steel sheets for automobiles and electronic goods.

The world's fourth largest steelmaker said it would spend about 240 million dollars to build the plant with an annual capacity of 450,000 tons in Maharashtra.

Work will be completed by May 2012, POSCO said in a statement, adding the output would be sold in India and other countries.

India's annual demand for galvanised steel is expected to rise sharply, it said, citing the country's fast growing auto market.

POSCO also plans to build a steel plant with an annual capacity of 12 million tons in Orissa, which has been hailed as India's largest foreign investment since it launched market reforms in 1991.

Orissa and POSCO signed a deal in June 2005 but construction has been delayed due to a dispute with villagers.