South Korean POSCO Steel Company May Get 74 percent of shares in SAIL JV

Windsurfing subcommittee recommended the South Korean company POSCO largest steel group get 74 percent equity in the company SAIL joint venture. Give shares on the basis of patented technologies FINEX and funding provided by the South Korean government for the construction of the steel plant in Jharkhand. months of windsurfing subcommittee approved a proposal to establish common ground steel joint venture of Bokaro Steel Plant (BSP).

The Finex technology uses iron ore fines and non-coking coal to produce high quality steel, which could be further processed by sails to specialty steel items. Currently, POSCO operates a 1.5 million tonnes per annum (MTPA) plant in South Korea on this technology.

The largest steel producer SAIL countries and third world society Posco Steel have been in negotiations for months last year for setting up steel plants together in the country.

While the steel ministry has given a green light to the joint venture and even windsurfing approved the project, there are some murmurs of dissent within the department.

A senior official, on condition of anonymity, said that SAIL would be a loser in the proposed JV as it came at a time when the steel PSU goes ahead with a project of Rs 70.000 crore massive expansion own. He said the project should have been debated more widely before making a final decision.

The proposed plant in Jharkhand by 1.5 MTPA by using technology Posco may come to a site that was originally designed for Bokaro Steel Plant in purchases of new fusion. BSP is currently doubling its production capacity to 7.5 million tonnes in 2011-12 as part of the expansion program of sailing.

The board subcommittee is supposed to have recommended the allocation of 500 acres in the BSP. The new proposed JV is proposed to be used on fine iron ore of the veil that is largely unused.

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