Rubie sells PKX 34.64: The Membership Contract accepted and confirmed by the Customer is not kept by SteelOrbis.

The website Membership Contract is presented to the Customer during the account activation process. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them. CNN and the CNN logo are registered marks of Cable News Network, LP LLLP, displayed with permission. The South Korean major earlier this month announced to put on hold its USD 12 billion steel project in Odisha due to delays in various regulatory approvals over the past decade. It had been eyeing the Indian market for long.


Kristi:
MESCO Steel operates two blast furnaces in its plant at Kalinganagar and the hot metal is cast as pig iron.

Jacelyn:
She added that the step of shifting POSCO plant here is part of MESCO's expansion drive to take its capacity to 4.5 million tonnes (MT) in the next 3-5 years with an investment of Rs 13,500 crore.

Marva:
Sinha said once the plant is shifted here it will cut MESCO's hot metal production cost significantly.

Kristie:
The Finex plant during operation would need a running 100 MW captive power plant and an oxygen plant of 1,000 tonnes per day capacity.

Vannesa:
As a Finex plant requires a lot of oxygen and power, Mesco Steel has already initiated talks with some companies for setting up auxiliary plants on the JV route, Sinha said adding these include Tata Power and an Italian firm.

Shea:
Both MESCO and POSCO had signed a pact in March and the Indian firm had then said that the Korean giant will have 26 per cent equity in the JV.

Armandina:
The Pohang plant has six lakh tonnes per annum capacity.

Han:
However, Sinha said, POSCO would be satisfied with a minority stake in its joint venture with MESCO for relocating the plant at Kalinganagar in Odisha.

Jeanne:
The Korean major had signed an agreement with state-run Steel Authority of India for setting up a steel unit using the same technology, but it never took off owing to shareholding issue as it demanded a majority share.

Natosha:
MESCO Steel through its arm Mideast Integrated Steels Ltd (MISL) had set up a steel plant of 1.2 MT per annum (MTPA) capacity in Kalinganagar, Odisha, while in April this year it acquired Maithan Ispat for Rs 1,160 crore.

Pohang Iron & Steel Co. (NYSE:PKX)
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