South Korean steel manufacturer POSCO is considering building a comprehensive steel plant in India to meet the growing demand for steel in the automotive industry.
POSCO currently has a joint venture steel plant in India (POSCO Maharashtra Steel Company), which supplies 1.8 million tons of steel annually, the majority of which is supplied to the automotive industry.
POSCO India Chennai (ICPC) stated last month that as finished car manufacturers increase their production efforts under India’s “Made in India” initiative, orders for medium and thick plates continue to flood in.
In recent years, with the increase of customers in the automotive industry, the revenue of POSCO’s India business has also increased significantly.
