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Reuters Africa reports that India’s environment minister said POSCO (SEO:005490), which wants to build a $12 billion steel plant in eastern India, should not export raw materials, including iron ore.

Reuters Africa reports that India’s environment minister said POSCO (SEO:005490), which wants to build a $12 billion steel plant in eastern India, should not export raw materials, including iron ore.

The market news is quoted as saying,

POSCO signed an agreement with the Orissa state government in 2005 and it was scheduled to begin production by the end of 2011. But protests, environmental worries and litigation over a related mining concession have delayed what is India’s biggest foreign direct investment.

For the complete market news, click here.

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