POSCO hopes to start earth work in October 2007

Posted on 01 August 2007

Source: Steelguru- 01 Aug 2007

ET reported that the long wait for POSCO's USD 12 billion Orissa project is over as it is all set to begin construction work on its proposed 12 million tonne steel plant. As per report, POSCO expects to get possession of a portion of the project land over the next 2 months to start earthwork for the first phase from October 2007.


Mr Soung Sik Cho CMD of POSCO India told ET that "We hope to start preparatory work at the project site from October 2007. The Orissa government has assured us that forest diversion clearance for the project land would be given soon. Once we get this approval, the land transfer process could be restarted at the earliest."


He added that the construction work could start over 400 acres that belonged to the state government and was not categorized as forest land and the remaining land would be offered to us in phases once forest diversion clearance is obtained from the centre.


Mr Cho added that "We are already late by 1 year from our earlier schedule. However, things are moving faster now and we hope to put in place the first phase of 4 million tonne steel capacity by 2011."


As per report, POSCO has identified 4,004 acres in Jagatsinghpur district of Orissa near Paradip. While 3,566 acres of this land is owned by the Orissa government and was offered to POSCO, the state government later realized that this entire stretch was forest land which needed clearance from ministry of environment and forest thus delaying the entire process of land acquisition.


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