Posco relents, not to export iron ore

Korean steel giant Posco has commited not to export iron ore from India to its plant in Korea as part of efforts to clinch the deal with Orissa government to set up a Rs 40,000 crore plant in the state.

"We have conveyed to the Orissa government that we would not export iron ore from India.  A major issue has thus been resolved," Pohang Steel Company (Posco) officials said.

The company, however, was still unsure when to sign the MoU with the Orissa government for the $10 billion deal as the company was still awaiting the state's reply on its position. "We are still unsure on the exact timeframe on signing the MoU with the state government as their reply is
still awaited," sources said.