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POSCO may scrap planned $12 billion India steel project| Reuters

South Korean steelmaker POSCO could scrap plans for a $12 billion project it had agreed to set up in India a decade ago, after a new law makes it costlier to source iron ore for the plant, a company spokesman said.

The 2005 project to set up a steel plant in Odisha was billed as India's biggest foreign direct investment at the time, but it has encountered a series of delays.

The company waited almost a decade to acquire land for the proposed 12 million-tonnes-a-year steel plant due to opposition from local tribal groups.

A mining law enacted in March by India means the company would now also have to buy a mining licence in an auction. Originally, the Odisha government had promised to help the company obtain the licence for free.

That could raise costs for the company at a time when a global steel glut is depressing prices.
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