The first phase of Posco’s $12-billion Orissa project — India’s single-largest foreign direct investment — could start churning out steel by 2018 Posco, which signed an agreement with Orissa to set up a 12 MT steel special economic zone at Jagatsinghpur at $12 billion way back in 2005, scaled down the size of the project to 8 MT last year due to the state government’s inability to acquire the required 4,004 acres. It now wants to set up two 4 MT steel units