South Korean steel giant POSCO plans to expand its projects in Raigad district of Maharashtra, with three more units at an investment of over INR 1,000 crore. As per report one of the three units a specialized steel mill would be set up jointly with Steel Authority of India Ltd.
In March, after two years of negotiations with MIDC, POSCO broke ground for its first facility at Vile Bhagad in Raigad where it will invest INR 4,000 crore. The continuous galvanized line plant with hot-dip facility has an annual production capacity of 450,000 tons.
The plant will produce zinc-galvanized steel sheets for automobiles and electronic goods and zinc galvanized alloy steel products for local and other overseas markets. Cold-rolled coil products would be supplied from POSCO's Gwangyang plant in South Korea and its facility in Vietnam. Construction is scheduled to be completed by May 2012.
A senior Maharashtra government official told Business Line that the company is now planning expansion at the same location and at Palasgaon nearby. The State Government would provide additional land for the expansion.
