Posco, South Korea's top steelmaker, has completed the construction of two steel-processing plants in India and Thailand that will cater to the needs of mainly automobile and electronics companies. 

Steel from the plants, with an annual production capacity of 120,000 tonnes, can be used for automobiles and electronic goods, the company said in a release.

Posco already runs steel-processing centers in India and Thailand, where the steel used in the manufacture of finished products.

With the two plants, Posco now has 36 steel processing centers in 12 countries.

Posco is setting up a 12 MTPA integrated steel project in Jagatsinghpur district of Orissa (10 km south of Paradip Port). The project will be completed in three phases of 4 MTPA each.

In Phase I, hot rolled coil (2.5MT) and slab (1.5 MT) will be produced. The construction for Phase I is scheduled to be completed by 2011-12.

The project will use innovative and environment-friendly technologies like FINEX, Mini Flat Mill, the release said.

As per the memorandum of understanding (MoU) signed on between Posco and the Orissa government on 22 June 2005, the state government has assured to grant mining lease for 600 million tonnes reserves which are required for 30 years of operation, for the 12 MPTA steel plant in Paradip.

Posco-India has applied for prospecting licence for three areas and mining leases for two areas in the districts of Keonjhar and Sundargarh. After obtaining grants followed by some prospecting operations, the company will identify the exact mines.

The project requires 20 million tonnes of iron ore per annum, for annual steel production of 12 million tonnes over 30 years.

Besides, Posco, the parent company, has equity interests in world-scale coal mines and iron ore mines in Australia, Canada and Brazil.