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Posco's long-delayed steel plant in India takes step forward

  • South Korean steel maker Posco (PKX) is granted environmental clearance to build a $12B steel plant in eastern India, a project mired in delays for eight years thanks to bureaucracy.
  • The go-ahead includes required spending on "social commitments," which would raise the project's cost by an additional $600M; analysts say the project still has other environmental and land procurement hurdles to overcome.
  • PKX also hopes to receive good news soon on its request for a license to explore iron ore in India.
  • The approval comes as South Korean's president is scheduled to visit India next week.
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