New Delhi, Aug 19: Homegrown JSW Steel and the POSCO Group of South Korea have joined hands to explore setting up a 6 million tonnes per annum (MTPA) steel plant in India.As part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalize the plant’s location, investment terms, resource availability, and other critical factors.
In a statement on Monday, JSW Steel said it has signed a non-binding Heads of Agreement (HoA) to jointly explore setting up a 6 million tonnes per annum (MTPA) integrated steel plant in India.
Given its natural resource base and logistical advantages, Odisha is among the key locations being considered.
“This HoA builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture,” the steel maker said.
The HoA was signed in Mumbai in the presence of Lee Ju-tae, Representative Director and President, POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO, JSW Steel.
“This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking. The proposed venture aligns with India’s vision of Atmanirbhar Bharat and will help create a globally competitive manufacturing hub to serve both domestic and export markets,” JSW Steel’s Acharya said.
The agreement marks a significant step toward deepening strategic collaboration between JSW Steel and the POSCO Group of South Korea.
“India is central to the future of global steel demand. Our collaboration with JSW is based on mutual trust and a shared long-term vision. This initiative represents his company’s commitment to supporting India’s industrial growth while creating long-term value for both organizations,” POSCO Holdings’ Lee Ju-tae said.
JSW Steel is the flagship business of the USD 23 billion JSW Group and India’s leading integrated steel producer with a consolidated capacity of 35.7 MTPA, including 1.5 MTPA in the United States.
In 2022, POSCO Group, leading industrial group in South Korea, had signed a pact with Adani Group to explore business opportunities in sectors like steel, renewable energy among others.