POSCO to start Orissa project as scheduled
POSCO will start constructing a steel complex project in India in October as scheduled.business Updated: May 23, 2007 17:52 IST
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.
"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.
First Published: May 23, 2007 17:47 IST