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Steel ministry expects Posco issue to be resolved by month-end

New Delhi: The steel ministry today expressed hope that South Korean steel major Posco's Rs54,000 crore proposed project in Orissa could get environmental clearance in a month to go off the ground, reports PTI.

"Posco issue would get resolved soon, may be in a month's time," steel secretary Atul Chaturvedi told reporters on the sidelines of a summit here.

The statement comes amid the Union environment ministry asking the Orissa government to stop land acquisition process for the Posco project, saying it is in violation of certain green norms. Posco requires a total of 4,004 acres of land to build a steel plant with an annual production capacity of 12 million tonnes in Jagatsinghpur district of Orissa.

The project has been delayed for over four years now, mainly due to protests against land acquisition, as 2,963 acres out of the total land acquired falls under the forest cover.

Meanwhile, talking about the demand and price scenario, Mr Chaturvedi said that the rates of the commodity are showing signs of improvement.

SAIL chairman C S Verma, who was present on the occasion, said, "Steel prices are expected to increase by the month end mainly due to revival in demand in view of the end of the monsoon season and the upcoming festive season.
 

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