Posco may set up steel plant in State

“Posco officials are keen to set up a steel plant in the state and the government had promised to extend all help,” V B Baligar, Principal Secretary, Commerce and Industries Department told Deccan Herald.

A high level Posco delegation which visited Bangalore was asked to submit a concrete proposal comprising investment, requirement of land, project sites and job opportunity.
Posco, according to Baligar, is ready to set up a six million tonne per annum steel plant with an estimated investment of up to Rs 30,000 crore.

Posco officials have convinced the State Government that they have better technology to produce steel by optimum utililisation of ores including both high grade as well as low grade.

The company has refused to divulge any details about their project, but admitted that their team had visited Bangalore and studied the facilities available. 

Earlier, global steel giant ArcelorMittal proposed to set up a project in Karnataka. The Mittal team has already conducted spot inspection in various places in mineral rich district of northern Karnataka.

“ArcelorMittal had shown interest to set up a six-million tonne per annum unit in the State with the invest of Rs 30,000 crore in first phase and expandable to 10 million tonne with additional investment of Rs 20,000 in the second phase,” Baligar said.