POSCO Eyes $12B India Steel Plant After Axing Smaller Plans

Law360, New York (July 16, 2013, 1:24 PM EDT) -- South Korean steelmaker POSCO will scrap a $5.3 billion steel mill development in the Karnataka state of India but will press on with efforts to build an even bigger $12 billion iron ore facility elsewhere in the country, the company said in a regulatory filing Tuesday.

POSCO said it was pulling out of the Karnataka steel project because of continued delays in getting iron ore mining rights from the Indian government and difficulties in acquiring the land for the project. POSCO had targeted a facility that could...
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