JSW Steel and South Korea’s POSCO Group have signed a non-binding Heads of Agreement (HoA) to jointly explore the development of a 6 million tonnes per annum (MTPA) integrated steel plant in India. The agreement, signed in Mumbai on August 18, builds on the memorandum of understanding (MoU) inked by the two companies in October 2024.
The proposed joint venture is expected to be structured as a 50:50 partnership, with Odisha emerging as a key site under consideration due to its natural resource base and logistical advantages. A detailed feasibility study will be conducted to finalise the plant’s location, investment structure, and other critical factors.
Jayant Acharya, Joint Managing Director & CEO of JSW Steel, said the partnership combines JSW’s execution capabilities and domestic presence with POSCO’s technological leadership. He added that the venture aligns with India’s Atmanirbhar Bharat vision and would help create a globally competitive steel hub serving both domestic and export markets.
Lee Ju-tae, President of POSCO Holdings, said India is central to the future of global steel demand, and the collaboration reflects mutual trust and a shared long-term vision. He emphasised POSCO’s commitment to supporting India’s industrial growth while creating long-term value for both organisations.
JSW Steel, the flagship company of the USD 23 billion JSW Group, currently has a consolidated capacity of 35.7 MTPA, set to rise to 43.4 MTPA over the next three years. POSCO, with an annual crude steel production capacity of about 42 million tonnes, has been ranked the world’s most competitive steelmaker for 15 consecutive years by World Steel Dynamics.
