Leading steelmaker JSW Steel and South Korea’s POSCO Group have signed a non-binding Heads of Agreement (HoA) to jointly explore setting up a 6 million tonne per annum (MTPA) integrated steel plant in India.
Odisha is among the key locations being considered for the plant with the site most likely to be in Keonjhar, the home district of Chief Minister Mohan Charan Majhi.
The HoA builds on the MoU signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture towards establishment of an integrated steel plant in the country with an initial capacity of 5 MTPA. The partnership also aims to explore synergies in battery materials and renewable energy.
The HoA was signed in Mumbai in the presence of Lee Ju-tae, representative director and president, POSCO Holdings, and Jayant Acharya, joint managing director & CEO, JSW Steel. Taking the project ahead, JSW and POSCO will undertake a detailed feasibility study to finalise the plant’s location, investment terms, resource availability, and other critical factors. Given its natural resource base and logistical advantages, Odisha is a frontrunner for the project.
Commenting on the development, Acharya said, “This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking. 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.”
Lee Ju-tae 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.”