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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

South Korean steel major Posco seek

South Korean steel major Posco seeks changes in revised MoU, wants to swap iron ore within India


Posco India has sought modifications in the revised agreement, including swapping of iron ore within the country, prior to renewing its agreement with the Orissa government for building its 12 million tonne greenfield steel plant.
The South Korean steel major said that as the iron ore available in Orissa has higher alumina content, Posco may be allowed to swap the same amount of iron ore, with low alumina content sourced elsewhere in the country.
The Orissa government had suggested with doing away with the swapping clause following suggestions made by former union minister for environment Jairam Ramesh. The former environment minister, who is now looking at rural development, had put the condition while according the final forest clearance to the Posco project on May 2.
"The MoU had provision for export of iron ore which made me deeply uncomfortable with this project. I would expect that the revised MoU between the state and Posco would be negotiated in such a manner that exports of raw material are completely avoided," he wrote to the state government.
Orissa steel and mines minister Raghunath Mohanty said: "Posco India has accepted some of the suggestions made by the state government but wants certain modifications."
Incidentally, the MoU with the Posco lapsed on June 21, 2011 and its renewal has been deferred several times as there have been differences between the state government and Posco over several issues.
The previous MoU had provided that iron ore high in alumina content not exceeding 30% of the total annual requirement for the Paradip plant, could be swapped with an equal quantity of low alumina content iron ore or with better content, imported for blending to produce better quality steel and to conserve energy.

Chief secretary BK Patnaik said that after proper examination of Posco's proposal for modification certain in-principle decision would be taken.

 
     
 
   
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