Month: August 2007

POSCO in Orissa – A Case of Global Masters against Local Preys

By Saswat Pattanayak Pohang Steel Company (POSCO) operates two of the world’s leading steel projects–the Pohang and Gwangyang works, and conducts business in over 60 countries around the globe. Since last couple of years, POSCO has been setting goals for the economically backward and minerals-rich Orissa. If Vedanta promises the biggest university in the world, POSCO promises the largest steel plant, and the biggest foreign direct investment in history (Rs 51,000 crore). After signing a Memorandum of Understanding with POSCO, Orissa-a largely obscured cultural site for Hindu pilgrims, has now found the biggest reserved location on World Exploitation Map. According to the MoU signed between the state government and the Korean corporate giant, POSCO will build a 3 million tonne capacity steel plant, blast furnace or Finex route, during the first phase in Paradeep, Orissa between 2007 and 2010, and will expand the final production volume to 12 million tons. The investment proposed is to the tune of US$12 billion, including an initial investment of US$ 3 billion during the first phase, making it the …