Monday, July 11, 2005

Posco plans $200-million port in India

Pohang Steel Company (Posco), the major steel brand from South Korea plans to invest between $200 to $300 million to develop a new port facility at Paradip, India. The world’s fifth largest steel maker brand had earlier decided to use the existing Paradip port facility for transfer of raw material finished products to and from its proposed 12 million tonne steel plant coming up in the port city of India. The Korean steel brand has scaled up investment for its steel plant in Orissa from earlier $10 billion to $12 billion to accommodate additional investment on developing infrastrural facilities like road, township and port in India.