Q: Posco does not have captive mines for its plants in Korea. Why is it so important in India?

Cho: Everybody from Tata to SAIL gets captive mines. So why should we be left out? It is true that we don’t have captive mines elsewhere but we do have mining experience in Australia and are capable of mining in India. Captive mines are not essential in the overall scheme of things but considering that iron ore prices have shot through the roof, it does help in managing costs. Though other costs like taxes, logistics and transportation are high in India, we will produce steel that is cheaper than what we produce in Korea.

Q: Who is responsible for all the delays? The state government had promised mines to you in the MoU. Are they to be blamed for the fact that you still have not got them?

Cho: I don’t think the blame lies with any one particular ministry. The state government is doing its best and so is the Central government. Their positive intent is clear as is exemplified by the fact that the PMO is directly looking into the matter. It is the system here that is to be blamed. It is very politicised here and does not allow projects to move at a faster pace.

Q: The global steel industry has been on a high for quite some time now. How do you see it going forward? Is there a recession in the offing?

... contd.