By Jane Han
Staff Reporter
Indian authorities granted environmental clearance to POSCO's $12 billion steel mill in Orissa, Reuters quoted a government source as saying Thursday. Although hurdles remain, the nod is seen as eliminating a big barrier to completing its ambitious project.
The world's fourth-largest steel maker signed a memorandum of understanding (MOU) in 2005 to begin construction of the integrated steel plant in the mineral-rich Orissa state, but local opposition hindered the project's progress.
The clearance has been given for POSCO to install furnaces only using the company's latest environmentally friendly FINEX technology and on the condition that gaseous emissions strictly meet government standards, according to the local news The Hindu.
The completed Indian steel plant is expected to see annual production of 12 million tons.