Posco Puts on Hold $12 Billion India Plant, Delayed Since 2005
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Posco, South Korea’s biggest steelmaker, has put on hold plans to build a steel plant in India after land acquisition and farmer protests stalled the $12 billion project for a decade.
The project in India’s eastern state of Odisha has been “tentatively postponed,” Chief Executive Officer Kwon Oh Joon said Wednesday. Until Indian Prime Minister Narendra Modi “offers better deals, we won’t resume and for now we will head to the west and do more downstream work,” he said, referring to a plant the company operates in the state of Maharashtra.