World's fourth-largest steel producer, POSCO of South Korea has said that it welcomes the latest order by the Supreme Court of India, in which it said that the government will decide on giving preferential access to iron ore to the company.

Justice Sudhansu Jyoti Mukhopadhaya of the Supreme Court also overruled an order form a lower court that restricted the company mining iron ore in the country. South Korean steelmaker is planning to set up a plant in eastern Odisha with a capacity of 12 million tonnes a year. The project, which is believed to be the largest foreign direct investment project in India, has been repeated delays due to issues in land acquisition and access to iron ore. The delays were caused due to opposition from local people against land acquisition and difficulties in obtaining clearances.

The central government is looking to review the plans by South Korean steel major Posco to invest Rs. 52,000 crore in plants in the state of Odisha. Commerce Minister Anand Sharma has said that the government is committed to ensure that the project takes off smoothly. He had recently assured South Korean government that Prime Minister Manmohan Singh is monitoring the project and the government is looking for speedy implantation of the project.