South Korean Posco has agreed to do away with a contentious clause that allowed it to export iron ore. This has paved way for a new pact between the steel

major and the Odisha government for a downsized 8 MTPA steel-to-port project. PTI reports that Odisha Mines Minister Raghunath Mohanty said the state governement will sign a Memorandum of Understanding (MoU) very soon with Posco-South Korea and Posco-India for initial 8 million tonne per annum (MTPA) capacity steel mill near Paradip. He said the move is being taken following the company agreeing to a new swapping clause and doing away with the earlier export provision.

The Minister said under the new clause, the steel giant will be allowed to swap up to 30 per cent of the required iron ore within the country through the Orissa Mining Corporation (OMC).

Mohanty added that the government is expediting the process of land transfer to the company and it will pave way for faster launch of the project, he added.