Bhubaneswar: JSW Steel Ltd and South Korea’s POSCO Group have signed a non-binding agreement to jointly explore setting up a 6 million tonnes per annum (MTPA) integrated steel plant in Odisha through a 50:50 joint venture.
The two companies will conduct a detailed feasibility study to finalise the plant’s location, investment structure, resource availability, and other key factors. Odisha, with its mineral resources and logistical advantages, is among the leading options under consideration.
The Heads of Agreement (HoA), signed in Mumbai, builds on a memorandum of understanding inked in October 2024.
According to JSW Steel chief executive officer Jayant Acharya, the collaboration will combine JSW’s execution strengths and domestic footprint with POSCO’s technological expertise in steelmaking.
Lee Ju-tae, representative president of POSCO Holdings, said India is central to the future of global steel demand, and the partnership will support the country’s industrial growth while delivering long-term value to both organisations.
