POSCO to Set Up Integrated Steel Plant in India

SEATTLE (Scrap Monster): POSCO- the South Korean steel manufacturer announced plans to open an integrated steel plant in India, in a bid to tap the growing demand for automotive steel products. It must be noted that the company had recently tied up with Maruti Suzuki- the leading car seller in India, by which it will use POSCO’s steel in their cars. POSCO has already entered into partnerships with other leading automobile manufacturers as well.

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The company’s rolling plant in India had recently reported operating profits of $27 million in Q2 this year, more than double of $12 million reported in the prior quarter. According to the company, the total operating income for the initial six-month period of 2023 has already exceeded the annual income of $39 million reported in 2022. The operating earnings from India operations are projected to witness further growth.

In order to meet the growing automotive steel demand, the company plans to set up an integrated steel plant in the country, which will help the company offer its steel products to local customers at relatively lower prices. It must be noted that foreign companies that produce locally are eligible for significant incentives under the government’s ‘Make in India’ initiative.