Posco will come: Sharma assures South Korea

Commerce and Industry Minister Anand Sharma today assured Korean trade minister Kim Jong-Hoon that the stalled $12 billion-project of Korean steelmaker Posco would soon be resolved by obtaining the pending approvals.

“Posco will come and 12 million tonne per annum (mtpa) steel will be produced and employment will be generated. There are certain issues. I am sure that whatever the glitches are, will be removed. The necessary clearances will come and the remainder issues will get settled,” Sharma said while addressing leaders of Indian and Korean industry.

Posco had entered into an agreement with the Orissa government in 2005 for setting up a 12-million-tonne-per-annum plant, but failed to get the necessary approvals from the environment ministry. The site of the plant falls under forest land which prompted the ministry to halt the project. The Supreme Court is expected to give a verdict on the issue this month.