POSCO says drops $5.3 bln steel mill project in India's Karnataka

SEOUL, July 16 Tue Jul 16, 2013 1:00am EDT

SEOUL, July 16 (Reuters) - South Korea's POSCO said on Tuesday it has decided to pull out of a $5.3 billion steel mill project in India's Karnataka state due to delays in securing land and opposition from residents.

A source told Reuters earlier on Tuesday POSCO was considering dropping the project.

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