JSW Steel and POSCO Plan 6 MTPA Integrated Steel Plant in India

New Delhi, Aug 18 (KNN) JSW Steel and South Korea’s POSCO Group have signed a non-binding Heads of Agreement (HoA) to explore the establishment of a 6 million tonnes per annum (MTPA) integrated steel plant in India.

The move strengthens the partnership between the two companies, following a Memorandum of Understanding (MoU) signed in October 2024.

The proposed project is expected to be developed as a 50:50 joint venture, combining JSW’s domestic execution capabilities with POSCO’s advanced steelmaking technology.

Both companies aim to create a world-class manufacturing hub that will support India’s growing steel demand and expand its presence in global markets.

A feasibility study will be carried out to assess critical aspects such as the plant’s location, required investments, raw material availability, and regulatory approvals.

Odisha, with its rich mineral resources and strong logistics infrastructure, is seen as one of the most suitable locations for the plant.

JSW Steel’s Joint Managing Director and CEO, Jayant Acharya, said the collaboration aligns with India’s vision of Atmanirbhar Bharat, aiming to boost domestic manufacturing and reduce reliance on imports.

He added that the partnership will also generate new opportunities across the steel value chain.

POSCO Holdings President Lee Ju-tae highlighted that India is one of the fastest-growing steel markets globally and will play a central role in future demand.

He emphasised that the partnership reflects both companies’ long-term commitment to industrial growth, sustainability, and value creation in India.

The final investment details and site location are yet to be finalised. Both companies are also exploring collaborations in emerging areas such as renewable energy and EV battery materials, which could further strengthen their partnership.

(KNN Bureau)