30 Oct, 2011 |ET Bureau
BHUBANESWAR: Orissa government will soon renew the MoU with South Korean steel major, Posco for a 12-mtpa steel mill near Paradeep in Jagatsinghpur district.
The draft MoU is presently being fine-tuned, chief secretary Bijoy Patnaik said here adding that the 2,000 acres of land cleared by the state government for the mega-project near Paradip would be handed over to the Korean company at the time of renewal of the MOU.
The Law Department is studying certain controversial clauses in the expired MoU like ore swapping and the MMDR Act. Posco-India had already submitted its views on the controversial export clause in the previous MoU.
"Posco-India's views on the export clause are being examined by the law, steel and mines departments. The provisions of the MMDR need to be in accordance with the content of the revised MoU," he said.
Posco, in its previous MoU signed in 2005, had wanted about 4,000 acre to set up the plant at an investment of Rs 52,000 crore.
Incidentally, the state government had earlier made it clear that the Posco, can start work at the proposed plant site near Paradip before signing fresh MoU with the state, "Work for the steel project and processing of the MoU can go simultaneously," said Mr Patnaik, remarked "We will talk to Posco-India over the matter relating to beginning of the work at the proposed plant site areas under Ersama block in Jagatsinghpur district," he said.
However, the company has to agree to begin the work on the 12 mtpa mega steel plant before entering into any formal MoU, an official at the steel and mines department said.
Meanwhile, the state has overshot its mining revenue collection target in the April to September period of 2011-12. As against the targeted Rs 1,750 crore, the actual collection was Rs 2,241.29 crore. This is 51.8% higher than Rs 1,476.42 crore recorded in the corresponding period of 2010-11.
Mining revenue collection has been buoyed by higher sales realization. Under reporting of ore prices, especially iron ore has been curbed to a large extent and now our prices compare favorably with pan India average, according to the mining department officials.
(sourced Economics Times)
Showing posts with label South korean steelmakers. Show all posts
Showing posts with label South korean steelmakers. Show all posts
Sunday, October 30, 2011
Thursday, October 13, 2011
SAIL may ink Bokaro plant MoU with POSCO in November
Thursday, 13 Oct 2011
Reuters reported that Steel Authority of India Ltd is likely to sign an joint venture agreement with South Korean steel major POSCO for setting up a factory in eastern India.
Mr Beni Prasad Verma Indian steel minister told reporters “We are hopeful of signing the agreement in November. I will be going to Korea next month.”
SAIL and POSCO are looking to set up a 3 million tonnes steel plant in the eastern city of Bokaro with an investment of INR 160 billion (USD 3.2 billion).
(Sourced from Reuters)
Reuters reported that Steel Authority of India Ltd is likely to sign an joint venture agreement with South Korean steel major POSCO for setting up a factory in eastern India.
Mr Beni Prasad Verma Indian steel minister told reporters “We are hopeful of signing the agreement in November. I will be going to Korea next month.”
SAIL and POSCO are looking to set up a 3 million tonnes steel plant in the eastern city of Bokaro with an investment of INR 160 billion (USD 3.2 billion).
(Sourced from Reuters)
Thursday, October 6, 2011
South Korea’s steel export value up 40 percent in September
Thu, 06 October 2011
According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in September this year the country's trade surplus reached $1.4 billion despite unfavorable economic conditions. South Korea's trade surplus was $800 million in August this year.
The country's total export value in September rose 19.6 percent year on year, reaching $47.1 billion, while its steel exports were valued at $3.4 billion, increasing 39.6 percent compared to the same month last year.
South Korea's export value of ships in the given period fell by 32.7 percent year on year to $3.1 billion, while its automobile exports reached a value of $3.9 billion, climbing by 40 percent year on year. Furthermore, in September South Korea's general machinery exports came to $4.1 billion, with an increase of 40.2 percent compared to September 2010.
In the given period, among the major export partners of South Korea, exports to the United States and the European Union decreased slightly; nevertheless, outbound shipments to emerging countries continued their steady path of growth compared to the same period last year.
Meanwhile, in September, South Korea's imports rose 30.5 percent year on year, reaching $45.7 billion. Inbound shipments climbed due to rising demand for raw materials, while imports of coal increased by 73.4 percent year on year.
Tags: Korea S. , Far East , imp/exp statistics , steelmaking , East Asia and Pacific
(sourced steelorbis)
According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, in September this year the country's trade surplus reached $1.4 billion despite unfavorable economic conditions. South Korea's trade surplus was $800 million in August this year.
The country's total export value in September rose 19.6 percent year on year, reaching $47.1 billion, while its steel exports were valued at $3.4 billion, increasing 39.6 percent compared to the same month last year.
South Korea's export value of ships in the given period fell by 32.7 percent year on year to $3.1 billion, while its automobile exports reached a value of $3.9 billion, climbing by 40 percent year on year. Furthermore, in September South Korea's general machinery exports came to $4.1 billion, with an increase of 40.2 percent compared to September 2010.
In the given period, among the major export partners of South Korea, exports to the United States and the European Union decreased slightly; nevertheless, outbound shipments to emerging countries continued their steady path of growth compared to the same period last year.
Meanwhile, in September, South Korea's imports rose 30.5 percent year on year, reaching $45.7 billion. Inbound shipments climbed due to rising demand for raw materials, while imports of coal increased by 73.4 percent year on year.
Tags: Korea S. , Far East , imp/exp statistics , steelmaking , East Asia and Pacific
(sourced steelorbis)
Tuesday, April 26, 2011
S.Korea's Hyundai Steel to lift domestic steel prices
Tue Apr 26, 2011 9:04am GMT
($1 = 1082.275 Korean Won) (Reporting by Hyunjoo Jin; Editing by Ken Wills, sourced Reuters)
SEOUL, April 26 (Reuters) - Hyundai Steel , South Korea's second-biggest steelmaker, will join its bigger rival POSCO in raising domestic prices of key products by 160,000 Korean won ($148) per tonne to offset the price surge in raw materials, industry officials said on Monday.
The long-awaited move, and the first price hike since July, comes as steelmakers at home and abroad are struggling with a margin squeeze stemming from the stubbornly high prices of steelmaking ingredients such as iron ore and coking coal.
But they find it difficult to fully pass along the costs onto customers amid slowing demand threatened by China's tightening and Japan's earthquake and tsunami.
POSCO, the world's third-biggest steel producer, on Friday reported weaker-than-expected quarterly profit, hit by its failure to raise prices enough to cover the rise in raw material costs.
The domestic price of Hyundai's hot-rolled products will rise to 1.06 million won per tonne, from 900,000 won, from products to be produced from May, industry officials said. The price of its heavy plates will go up to 1.11 million won, from 950,000 won.
"Hyundai has been notifying customers about the price hike," the sources said. Hyundai Steel declined to comment.
Hyundai Steel is set to report its first-quarter earnings on Thursday.
The long-awaited move, and the first price hike since July, comes as steelmakers at home and abroad are struggling with a margin squeeze stemming from the stubbornly high prices of steelmaking ingredients such as iron ore and coking coal.
But they find it difficult to fully pass along the costs onto customers amid slowing demand threatened by China's tightening and Japan's earthquake and tsunami.
POSCO, the world's third-biggest steel producer, on Friday reported weaker-than-expected quarterly profit, hit by its failure to raise prices enough to cover the rise in raw material costs.
The domestic price of Hyundai's hot-rolled products will rise to 1.06 million won per tonne, from 900,000 won, from products to be produced from May, industry officials said. The price of its heavy plates will go up to 1.11 million won, from 950,000 won.
"Hyundai has been notifying customers about the price hike," the sources said. Hyundai Steel declined to comment.
Hyundai Steel is set to report its first-quarter earnings on Thursday.
($1 = 1082.275 Korean Won) (Reporting by Hyunjoo Jin; Editing by Ken Wills, sourced Reuters)
Thursday, March 24, 2011
POSCO lifts sales target on Japan order
Thu,Mar24, 2011 |Source:Reuters
South Korea's top steelmaker POSCO said on Thursday it had revised its sales volume target up by 1 million tonnes and will raise output to meet orders from clients in disaster-hit Japan.
Hwang Eun-Yeon, executive vice president at POSCO, also told the Reuters Global Mining and Steel Summit that the world's third largest steelmaker is finding it hard to fully pass on USD 160-USD 180 per tonne of increased costs to clients in the second quarter.
"We are aiming to meet the requests (from Japan) by raising output, although we cannot meet all," Hwang said, adding that it aims to sell more than 35 million tonnes of steel products this year from its previous target of 34 million tonnes.
South Korea's top steelmaker expects to receive a minimum of 1.5 million tonnes of steel requests from Japanese clients this year after Japan's worst quake on record, Hwang said.
Japanese steel mill Nippon Steel, JFE Steel and Sumitomo Metal Industries said on Tuesday that their quake-hit furnaces were resuming operations after being hit by March 11 earthquake and tsunami.
Shares of Korean steelmakers including POSCO, whose leading shareholders include Berkshire Hathaway Inc, rallied after the quake, on expectations that they would benefit from reduced shipments from Japan at home and the Asian markets.
Shares of POSOC closed 0.4% lower at 497,500 won on Thursday, underperforming the broader market.
Hard to fully pass on cost rise to clients
Asked how much and when POSCO would raise prices, Hwang said: "We need to raise steel prices by 200,000 won (USD 178.3) per tonne due to rising costs, but I don't think we can raise that much." POSCO is considering lifting prices in early or middle part of April-June period, he added.
Analysts ranged POSCO's possible price hikes at 100,000 won through 150,000 won, while Hwang said "100,000 won was too low."
Lee Won-jae, an analyst at SK Securities, said: "Even if POSCO were to raise more than 100,000 won, it would be difficult to maintain such prices due to the gap with imports from Japan and China. The domestic market is driven by buyers, not sellers."
POSCO has held local steel prices flat since it hiked in June 2010 for third-quarter sales. For the October-December quarter last year, POSCO posted lower-than-expected profit because of its failure to pass on surging costs to customers.
South Korea's second-largest steelmaker Hyundai Steel said on Tuesday it needs to hike major steel product prices no later than early April. Two leading Chinese steelmakers increased prices for the third month in a row for March, before keeping them unchanged for April.
Hwang said Asia's steel demand is seen healthy, driven by expected demand as Japan moves to repair quake-related damages, adding that China's recent efforts to tame inflation through tighter monetary policy were "not too worrisome."
"The quake dampens Japan's steel demand in the short term, but eventually the demand will jump because a large amount of industrial materials are in need for reconstruction," he said.
Tags: POSCO, steelmaker, South Korea, Japan, Hwang Eun-Yeon
Hwang Eun-Yeon, executive vice president at POSCO, also told the Reuters Global Mining and Steel Summit that the world's third largest steelmaker is finding it hard to fully pass on USD 160-USD 180 per tonne of increased costs to clients in the second quarter.
"We are aiming to meet the requests (from Japan) by raising output, although we cannot meet all," Hwang said, adding that it aims to sell more than 35 million tonnes of steel products this year from its previous target of 34 million tonnes.
South Korea's top steelmaker expects to receive a minimum of 1.5 million tonnes of steel requests from Japanese clients this year after Japan's worst quake on record, Hwang said.
Japanese steel mill Nippon Steel, JFE Steel and Sumitomo Metal Industries said on Tuesday that their quake-hit furnaces were resuming operations after being hit by March 11 earthquake and tsunami.
Shares of Korean steelmakers including POSCO, whose leading shareholders include Berkshire Hathaway Inc, rallied after the quake, on expectations that they would benefit from reduced shipments from Japan at home and the Asian markets.
Shares of POSOC closed 0.4% lower at 497,500 won on Thursday, underperforming the broader market.
Hard to fully pass on cost rise to clients
Asked how much and when POSCO would raise prices, Hwang said: "We need to raise steel prices by 200,000 won (USD 178.3) per tonne due to rising costs, but I don't think we can raise that much." POSCO is considering lifting prices in early or middle part of April-June period, he added.
Analysts ranged POSCO's possible price hikes at 100,000 won through 150,000 won, while Hwang said "100,000 won was too low."
Lee Won-jae, an analyst at SK Securities, said: "Even if POSCO were to raise more than 100,000 won, it would be difficult to maintain such prices due to the gap with imports from Japan and China. The domestic market is driven by buyers, not sellers."
POSCO has held local steel prices flat since it hiked in June 2010 for third-quarter sales. For the October-December quarter last year, POSCO posted lower-than-expected profit because of its failure to pass on surging costs to customers.
South Korea's second-largest steelmaker Hyundai Steel said on Tuesday it needs to hike major steel product prices no later than early April. Two leading Chinese steelmakers increased prices for the third month in a row for March, before keeping them unchanged for April.
Hwang said Asia's steel demand is seen healthy, driven by expected demand as Japan moves to repair quake-related damages, adding that China's recent efforts to tame inflation through tighter monetary policy were "not too worrisome."
"The quake dampens Japan's steel demand in the short term, but eventually the demand will jump because a large amount of industrial materials are in need for reconstruction," he said.
Tags: POSCO, steelmaker, South Korea, Japan, Hwang Eun-Yeon
Monday, March 21, 2011
Anglo American settles Apr-Jun PCI coal up 53% at $275/mt FOB : sources
Mon 21Mar2011 /156 am EDT/556 GMT
Singapore (Platts) - Miner Anglo American on Friday settled its April-June contract for PCI coal with a South Korean steelmaker at $275/mt FOB, 53% higher than the price for the January-March contract, market sources said Monday.
No immediate comment could be obtained from Anglo American.
The price covers new tonnage of the company's flagship PCI brand Foxleigh. Part of Anglo American's PCI output in the second quarter of the year, however, will be shipped as carryover tonnage from the flood-hit January -March quarter.
The new deal reportedly stipulates that Anglo American is to supply up to half of its undelivered Q1 PCI tonnage, originally priced at $180/mt. The deal was also said to include tonnage priced for six months, though no further details on this could be obtained.
The latest price of $275/mt is 83.3% of the headline hard coking coal price for Q2 of $330/mt, which was also settled by Anglo American in this quarter.
This is roughly in line with expectations, following Q2 semi-soft coking coal deals struck by Rio Tinto and Xstrata at $264/mt and $254/mt FOB respectively. In the last year, PCI has typically settled 3-6% above semi-soft coking coal.
Australia's Macarthur Coal is said to be still negotiating its own PCI deal in Japan, and is understood to have tabled an offer at 85% of the HCC term contract, or at $280.50/mt FOB.
Other Australian PCI producers, including Jellinbah and Westfarmers Resource's Curragh, were heard closing in on deals of their own near the $275/mt FOB level.
Anglo American's Foxleigh is a low-volatile PCI with 12.5% volatile matter, 8.4% ash, 0.55% sulfur, total carbon of 91%, a calorific value of 7,850 and a Hardgrove Grindability Index of 77.
(sourced:Platts)
Tags : raw material, Macarthur Coal Ltd, steel mills
Singapore (Platts) - Miner Anglo American on Friday settled its April-June contract for PCI coal with a South Korean steelmaker at $275/mt FOB, 53% higher than the price for the January-March contract, market sources said Monday.
No immediate comment could be obtained from Anglo American.
The price covers new tonnage of the company's flagship PCI brand Foxleigh. Part of Anglo American's PCI output in the second quarter of the year, however, will be shipped as carryover tonnage from the flood-hit January -March quarter.
The new deal reportedly stipulates that Anglo American is to supply up to half of its undelivered Q1 PCI tonnage, originally priced at $180/mt. The deal was also said to include tonnage priced for six months, though no further details on this could be obtained.
The latest price of $275/mt is 83.3% of the headline hard coking coal price for Q2 of $330/mt, which was also settled by Anglo American in this quarter.
This is roughly in line with expectations, following Q2 semi-soft coking coal deals struck by Rio Tinto and Xstrata at $264/mt and $254/mt FOB respectively. In the last year, PCI has typically settled 3-6% above semi-soft coking coal.
Australia's Macarthur Coal is said to be still negotiating its own PCI deal in Japan, and is understood to have tabled an offer at 85% of the HCC term contract, or at $280.50/mt FOB.
Other Australian PCI producers, including Jellinbah and Westfarmers Resource's Curragh, were heard closing in on deals of their own near the $275/mt FOB level.
Anglo American's Foxleigh is a low-volatile PCI with 12.5% volatile matter, 8.4% ash, 0.55% sulfur, total carbon of 91%, a calorific value of 7,850 and a Hardgrove Grindability Index of 77.
(sourced:Platts)
Tags : raw material, Macarthur Coal Ltd, steel mills
Teck says Elkview employees reject deal with union
Mon Mar 21, 2011 1:19pm GMT
March 21 (Reuters) - Teck Resources said employees at its Elkview coal mine in southeastern British Columbia have rejected a new five-year collective agreement with the union, prolonging the strike that has hit production at the site.
Work at the site stopped on Jan. 30, and the company said it plans to restart talks with the Elkview union bargaining committee to reach a new agreement.
Last Tuesday, the company said it had reached a tentative agreement with the union at its Elkview coal mine.
Teck, one of the world's top exporters of metallurgical coal, a key raw material used to make steel, has a 95 percent interest in the Elkview mine. The remaining 5 percent is split between Japan's Nippon Steel Corp and South Korean steelmaker Posco .
Teck shares closed at C$53.37 on Friday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Unnikrishnan Nair, sourced Reuters)
Work at the site stopped on Jan. 30, and the company said it plans to restart talks with the Elkview union bargaining committee to reach a new agreement.
Last Tuesday, the company said it had reached a tentative agreement with the union at its Elkview coal mine.
Teck, one of the world's top exporters of metallurgical coal, a key raw material used to make steel, has a 95 percent interest in the Elkview mine. The remaining 5 percent is split between Japan's Nippon Steel Corp and South Korean steelmaker Posco .
Teck shares closed at C$53.37 on Friday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Unnikrishnan Nair, sourced Reuters)
Wednesday, March 16, 2011
S.Korea KORES says to develop Peru iron ore mines
Wed Mar 16, 2011 4:50am GMT
SEOUL, March 16 (Reuters) - Korea Resource Corp (KORES) said on Wednesday that it had signed an exploration contract to develop mines with 400 million tonnes of iron ore in Peru and secure a total stake of up to 40 percent in the mines.
(Reporting by Cho Mee-young; Editing by Jonathan Hopfner, sourced:Thomson Reuters)
SEOUL, March 16 (Reuters) - Korea Resource Corp (KORES) said on Wednesday that it had signed an exploration contract to develop mines with 400 million tonnes of iron ore in Peru and secure a total stake of up to 40 percent in the mines.
(Reporting by Cho Mee-young; Editing by Jonathan Hopfner, sourced:Thomson Reuters)
Monday, March 14, 2011
POSCO war Zone - PPSS stages rally
Monday, 14 Mar 2011 by BL
It is reported that the villagers who have been opposing steel plant proposed to be set up by POSCO took out a rally and renewed their resolve to fight against the project.
Mr Abhaya Sahu president of POSCO Pratirodh Sangarm Samiti, which has been spearheading the anti POSCO agitation, said “We will not allow the steel plant to come up in earmarked villages. It could come up only over the bodies of unarmed people fighting against displacement. The villagers have legitimate rights over the land under the Forest Rights Act.”
Rally was organised by the Samiti at Balitutha on the fringes of the proposed steel project area in an apparent bid to galvanize the dwindling support base.
The rally was attended by leaders of the Congress, the CPI(M), the CPI, the Forward Bloc, the Samajwadi Party, the Rashtriya Janata Dal, the CPI(M-L), and the CPI(M-L) New Democracy. Leaders of several mass movements also took part in the rally.
It is reported that the villagers who have been opposing steel plant proposed to be set up by POSCO took out a rally and renewed their resolve to fight against the project.
Mr Abhaya Sahu president of POSCO Pratirodh Sangarm Samiti, which has been spearheading the anti POSCO agitation, said “We will not allow the steel plant to come up in earmarked villages. It could come up only over the bodies of unarmed people fighting against displacement. The villagers have legitimate rights over the land under the Forest Rights Act.”
Rally was organised by the Samiti at Balitutha on the fringes of the proposed steel project area in an apparent bid to galvanize the dwindling support base.
The rally was attended by leaders of the Congress, the CPI(M), the CPI, the Forward Bloc, the Samajwadi Party, the Rashtriya Janata Dal, the CPI(M-L), and the CPI(M-L) New Democracy. Leaders of several mass movements also took part in the rally.
Wednesday, March 9, 2011
Orissa Government to renew MoU with Posco says Minister Raghu Nath Mohanty
Wed, March 09, 2011
Bhubaneswar: Odisha Government will renew the Memorandum of Understanding (MoU) with POSCO for setting the `52,000 crore Steel Mill near Paradeep in Jagatsinghpur district. It was announced by Steel and Mines Minster Raghu Nath Mohanty. And this time the process has been started to extend the deal period for a six years instead of five years.
He indicated that the renewal of the MoU was in advance stage of finalisation and would be put in place soon. With the Union Ministry of Environment and Forest on January 31 giving Clearance with conditions for the setting up of the controversial multicrore POSCO steel mill and the captive port, the biggest FDI in the country, the Odhisa Government had initiated steps to regularise the deal to help start the work. The conditions put-forth by the MoEF for the proposed integrated POSCO Project were also examined thoroughly and soon all the points would be Complied with soon, said that Minister of Steel and Mines.
He indicated that the compliance is likely to be made within next three days to the MoEF. Stating that the project would herald a new area of industrialisation and economic growth in Odisha and the country as well, Industry Minister said that the state government had already formulated a new recruitment policy for the ongoing and upcoming industries with the main thurst of more employment of locals.
He said that the same would be applicable to POSCO. As per the new Police, 90 per cent of the required semi-skilled and un-skilled worked would be provided employment in the POSCO.
Similarly, 60 per cent of the skilled jobs would be reserved for the locals and in Managerial posts 30 per cent of the local people would be provided jobs in the project, he said.
The MoU signed on 22nd June 2005 between the Government of Odisha and POSCO for a period of five years had already lost its validity since August 2010.
He indicated that the renewal of the MoU was in advance stage of finalisation and would be put in place soon. With the Union Ministry of Environment and Forest on January 31 giving Clearance with conditions for the setting up of the controversial multicrore POSCO steel mill and the captive port, the biggest FDI in the country, the Odhisa Government had initiated steps to regularise the deal to help start the work. The conditions put-forth by the MoEF for the proposed integrated POSCO Project were also examined thoroughly and soon all the points would be Complied with soon, said that Minister of Steel and Mines.
He indicated that the compliance is likely to be made within next three days to the MoEF. Stating that the project would herald a new area of industrialisation and economic growth in Odisha and the country as well, Industry Minister said that the state government had already formulated a new recruitment policy for the ongoing and upcoming industries with the main thurst of more employment of locals.
He said that the same would be applicable to POSCO. As per the new Police, 90 per cent of the required semi-skilled and un-skilled worked would be provided employment in the POSCO.
Similarly, 60 per cent of the skilled jobs would be reserved for the locals and in Managerial posts 30 per cent of the local people would be provided jobs in the project, he said.
The MoU signed on 22nd June 2005 between the Government of Odisha and POSCO for a period of five years had already lost its validity since August 2010.
POSCO war zone - 613 families to be displaced for steel project
Wed, Mar09, 2011
ET reported that Orissa government said only 613 families would be displaced for POSCO steel project near Paradip.
While the number of families facing displacement for POSCO project was initially put at 803, it came down to 613 after the state government decided not to acquire private land at Dhinkia village.
POSCO project which initially required 4004 acre land, would now be set up over 3719.22 acre of land.
Mr Raghunath Mohanty steel minister said that "As the people of Dhinkia are opposed to the project and unwilling to vacate their land, the government has decided not to acquire land from the village.”
He said that with exclusion of private land from Dhinkia village, number of families to be displaced dropped from 803 to 613, adding that 190 families would benefit from the decision.
Mr Priyabrat Patnaik nodal officer for POSCO project said that "The South Korean steel major has also accepted the state government's decision of excluding Dhinkia village from its original plan.”
Of the 3719.22 acre of land for POSCO project, private land was only 152.69 acre while 3566 acre were government land, the minister said adding he was hopeful that the local people would not oppose the project, billed as the biggest foreign direct investment in the country.
Of the 3566 acre government land, 2958.79 acre was categorized as forest land and 607.74 acre non-forest revenue land. Mr Mohanty said that "We need diversification of forest land before handing it over to the company for starting work.”
On renewal of MoU with POSCO-India, the minister said that "We have been processing the file in this matter. IPICOL had already prepared a draft for the renewal of MoU.”
(Sourced from ET)
ET reported that Orissa government said only 613 families would be displaced for POSCO steel project near Paradip.
While the number of families facing displacement for POSCO project was initially put at 803, it came down to 613 after the state government decided not to acquire private land at Dhinkia village.
POSCO project which initially required 4004 acre land, would now be set up over 3719.22 acre of land.
Mr Raghunath Mohanty steel minister said that "As the people of Dhinkia are opposed to the project and unwilling to vacate their land, the government has decided not to acquire land from the village.”
He said that with exclusion of private land from Dhinkia village, number of families to be displaced dropped from 803 to 613, adding that 190 families would benefit from the decision.
Mr Priyabrat Patnaik nodal officer for POSCO project said that "The South Korean steel major has also accepted the state government's decision of excluding Dhinkia village from its original plan.”
Of the 3719.22 acre of land for POSCO project, private land was only 152.69 acre while 3566 acre were government land, the minister said adding he was hopeful that the local people would not oppose the project, billed as the biggest foreign direct investment in the country.
Of the 3566 acre government land, 2958.79 acre was categorized as forest land and 607.74 acre non-forest revenue land. Mr Mohanty said that "We need diversification of forest land before handing it over to the company for starting work.”
On renewal of MoU with POSCO-India, the minister said that "We have been processing the file in this matter. IPICOL had already prepared a draft for the renewal of MoU.”
(Sourced from ET)
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