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The 3 million tonne integrated steel plant at Satarda in Maharashtra would be set up by a joint venture (JV) where Posco will have 20 per cent stake while 80 per cent would be with Shree Uttam Steel and Power Ltd, an arm of Miglani family-run Uttam Galva Group.

“Shree Uttam Steel and Power Ltd, a part of Uttam Galva Group, and Posco Korea today signed a memorandum of agreement (MoA) to set up an integrated steel manufacturing facility under a joint venture arrangement in India“, said a press release issued by Posco.

“The investment will not only generate 50,000 jobs which is scalable, it will create a positive climate for investment”, he said.

The ISM’s manufacturing purchasing managers index, which was released ahead of its normal 10am Eastern Time schedule, fell to 52.7 in July from 53.5 in June. A reading above 50 indicates general expansion, and the July PMI registered at 52.7 percent.

Industrial output rose by a monthly 0.4% in May, beating all forecasts from economists in a Reuters poll who had predicted a drop of 0.2%.