Monday, 09 May 2011
ET reported that although Orissa is poised to execute the country's largest FDI following recent environmental clearance to POSCO, it will have to resolve yet another issue when it renews the lapsed agreement with the Korean steel major.
The state will have to decide on whether POSCO should focus on a no export commitment on iron ore as indicated by the ministry of environment and forests or not.
A POSCO spokesperson said it was too premature to decide on whether they would drop the swap clause in the new agreement given that they neither had land nor mines. He insisted that POSCP had no plans to export ore.
The initial understanding was for supply of 600 million tonnes of iron ore of 62% iron content. However given the higher alumina content in Indian ore POSCO wanted to blend up to 30% of domestic ore with imports of high grade ore with lower alumina content to feed its blast furnace.
(sourced from ET)
ET reported that although Orissa is poised to execute the country's largest FDI following recent environmental clearance to POSCO, it will have to resolve yet another issue when it renews the lapsed agreement with the Korean steel major.
The state will have to decide on whether POSCO should focus on a no export commitment on iron ore as indicated by the ministry of environment and forests or not.
A POSCO spokesperson said it was too premature to decide on whether they would drop the swap clause in the new agreement given that they neither had land nor mines. He insisted that POSCP had no plans to export ore.
The initial understanding was for supply of 600 million tonnes of iron ore of 62% iron content. However given the higher alumina content in Indian ore POSCO wanted to blend up to 30% of domestic ore with imports of high grade ore with lower alumina content to feed its blast furnace.
(sourced from ET)
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