POSCO to start Orissa project as scheduled

POSCO will start constructing a steel complex project in India in October as scheduled.

POSCO, the world's third-largest steel maker, said on Wednesday it will start constructing a steel complex project in India in October as scheduled.

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"We expect to solve the problem soon in securing land and start construction in October," Lee Dong-hee, POSCO's Chief Financial Officer, told Reuters.

In 2005, POSCO signed a contract to build a $12 billion integrated steel complex in Orissa, the largest single foreign investment in India. But the project has been hampered by local protests.