Indian Chamber of Commerce (ICC) stated officially that South Korean POSCO planned to invest US$12 billion to build up an integrated steel plant in Odisha, India.

POSCO signed a Memorandum of Understanding (MoU) in 2005 to build up a new steel mill with an annual production capacity of 12 million tons in Odisha, while it delayed because the environmental assessment wasn't approved. There wasn't any further progress before the expiry date 2010 of this MoU.

Besides, POSCO also signed the MoU with Vizag Steel (RINL) to set up a special steel mill in Andhra Pradesh, but Indian trade unions objected to this project.