South Korean steel major Posco on Tuesday announced its decision to close a proposed six-million tonne-per annum (MTPA) steel plant in Gadag, Karnataka.
A statement issued by Posco India chairperson and managing director Yong Won Yoon said: “With the given market conditions and significant delay in acquiring the required land in Gadag, we have decided to close our proposed six-MTPA steel plant in Karnataka.”
The Karnataka Industrial Areas Development Board on July 1 returned Posco’s deposit of Rs 60 crore.
The statement explained the events which led to eventual cancellation of the proposed project.
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