POSCO Group and JSW Steel Sign Agreement to Explore 6 MTPA Integrated Steel Plant in India

#POSCO #Manufacturing #Steel #JSW #MoU

Source: POSCO

“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." - Jayant Acharya, Joint Managing Director & CEO, JSW Steel.

August 2025 : South Korea's POSCO Group and India's JSW Steel have signed a non-binding Heads of Agreement (HoA) to jointly explore the establishment of a 6 million tonnes per annum (MTPA) integrated steel plant in India. This agreement marks a significant step in the strategic collaboration between the two global steel industry leaders.

The HoA, which builds on a Memorandum of Understanding (MoU) signed in October 2024, outlines the framework for a proposed 50:50 joint venture. The agreement was signed in Mumbai by Mr. Lee Ju-tae, Representative Director and President, POSCO Holdings and Mr. Jayant Acharya, Joint Managing Director & CEO, JSW Steel.

As a next step, both companies will conduct a detailed feasibility study to finalize the plant's location, investment terms, and resource availability. Odisha is among the key locations being considered due to its natural resource base and logistical advantages.

Mr. Lee Ju-tae of POSCO said, "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 our commitment to supporting India’s industrial growth while creating long-term value for both organizations."

Mr. Jayant Acharya of JSW Steel commented, "This partnership brings together POSCO’s technological leadership in steelmaking and JSW’s proven execution capabilities and strong domestic footprint. 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."