JSW Steel joins hands with Posco Group, companies will explore the possibility of setting up a 6 million MTPA steel plant
JSW Steel and South Korea’s Posco Group have joined hands to explore the possibility of setting up a steel plant with a capacity of 6 million tonnes per annum (MTPA) in India. As a next step, JSW and Posco will hold discussions to finalise the location of the plant, investment terms, resource availability and other important factors. JSW Steel said in a statement issued on Monday that it has signed a non-binding Memorandum of Understanding (HoA) to explore the possibility of setting up an integrated steel plant with a capacity of 6 million tonnes per annum (MTPA) in India.
Plant is being considered in Odisha
Given the natural resource base and logistical advantages, Odisha is one of the major locations where the plant is being considered. JSW Steel said, “This non-binding MoU is based on the Memorandum of Understanding (MoU) signed by both the parties in October 2024. It also lays down a broad framework for the proposed 50:50 joint venture. The non-binding MoU was signed in Mumbai in the presence of Lee Ju-tai, Representative Director and Chairman of POSCO Holdings, and Jayant Acharya, Joint Managing Director and CEO of JSW Steel.
The proposed venture is in line with the vision of Aatmanirbhar Bharat
Jayant Acharya said, “This partnership combines JSW’s proven execution capabilities and strong domestic presence with POSCO’s technology leadership in steel manufacturing. The proposed venture is in line with the country’s vision of Aatmanirbhar Bharat and will help create a globally competitive manufacturing hub to serve both domestic and export markets.”
India is the centrepoint of the future of global steel demand
Lee Ju-tai said, “India is the centrepoint of the future of global steel demand. Our collaboration with JSW is based on mutual trust and shared long-term vision. “This initiative reflects his company’s commitment to support India’s industrial development and create long-term value for both organisations.” This agreement is a significant step towards deepening the strategic cooperation between JSW Steel and South Korea’s POSCO Group.
