POSCO Engineering & Construction Co, a unit of Korean steel giant POSCO,
has won a $350 million order from the Steel Authority of India Ltd. (SAIL) to
build the country''s largest blast furnace.
SAIL had, last month, announced a partnership with POSCO, Asia''s third-largest
steel maker and the world''s fourth-largest, which is building a $12 billion steel
complex in Orissa.
furnace will have a capacity of 4,060 cubic metres and would produce 2.7 million
tonnes of steel a year, Pohang, South Korea-based POSCO Engineering & Construction
Co said in a statement.
would be complete by March 2010, it said.
SAIL produces 14 million tonnes of
steel annually, 30 per cent of the country''s production.
and ArcelorMittal are among international steelmakers increasing capacity at mills
last month received environmental approval from for setting up a plant in Orissa,
more than two years after agreeing to invest $12 billion in the venture.
Korean company later signed an initial agreement with SAIL to cooperate on developing
and purchasing raw materials and sharing sales networks in India.
of Posco''s 12 million tonne plant has been delayed as it is yet to receive a mining
licence and the land has yet to be fully cleared of occupants.