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Posco top brass to meet PM

Chief executive Posco Ku-Taek Lee, is scheduled to meet Manmohan Singh to discuss the future of the troubled Rs 52K crore steel project in Orissa, reports Soumyajit Pattnaik.

business Updated: Oct 19, 2007 00:02 IST
Soumyajit Pattnaik

The chief executive of South Korean steel giant Posco, Ku-Taek Lee, is scheduled to meet Prime Minister Manmohan Singh to discuss the future of the troubled Rs 52,000-crore steel project in Orissa’s Jagatsinghpur district.

Lee, along with a team of Posco executive directors, would also meet Union Steel Minister Ram Bilas Paswan, Commerce Minister Kamal Nath, Mines Minister Sis Ram Ola and Orissa Chief Minister Naveen Patnaik in New Delhi to discuss ways to expedite the project.

The meetings, slated for October 19-20, come close after four Posco executives were taken hostage last week and released after six hours in captivity. Posco was forced to pull out field officials from Jagatsinghpur district after the incident. Soon after the hostage incident, the South Korean giant wrote to Patnaik urging him to ensure security for its staff working on the project’s site.

A spokesperson for Posco-India said in a statement on Thursday: “The board members and senior executives would be visiting the Posco-India corporate office at Bhubaneswar to review the progress of the Posco-India project. Ku-Taek Lee, chief executive officer, Posco, is scheduled to meet and discuss the progress of the project with high level officials of the governments at the Centre and in Orissa.”

“The company is keen to start its first integrated steel plant outside Korea in Orissa, India and aims it to be the most competitive steel work in the world. The proposed 12 MTPA mega Greenfield project in Orissa intends to develop the economy of the state,” the statement added.

The Prime Minister had personally reviewed the progress of the Posco project in April and met Chief Minister Patnaik and Posco top brass.