Grant of Mining Lease Revives POSCO's $12 Billion Steel Project in Orissa

BANGALORE, INDIA--June 20, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--The state government of Orissa in eastern India recently announced the grant of a prospecting license for the Khandadhar iron ore block to South Korean steel major Pohang Iron and Steel Company (POSCO) (NYSE:PKX) (Pohang, Republic of Korea) for its $12 billion steel project, which has been mired in controversy since its inception in June 2005. This grant comes as a significant step in salvaging the proposed12-million-ton-per-year steel project, which has faced local protests against land acquisition and the supply of raw material for the past three years.