JSW Steel, the foremost steel producer in India, and South Korea’s POSCO Group have entered into a non-binding heads of agreement (HoA) to jointly explore setting up a six million tonne per annum (MTPA) integrated steel plant in India.
This agreement is a continuation of the memorandum of understanding (MoU) that was signed in October 2024, which delineates a 50:50 joint venture framework. The HoA was executed in Mumbai, with the presence of Lee Ju-tae, President of POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO of JSW Steel.
Both entities will undertake a comprehensive feasibility study to ascertain the plant’s location, investment conditions, and resource needs. Odisha is a significant contender due to its resource availability and logistical advantages. Jayant Acharya stated, This partnership combines JSW’s established execution capabilities with POSCO’s technological expertise in steel production. Lee Ju-tae remarked, India is pivotal to the future of global steel demand. Our partnership with JSW is founded on mutual trust and a common long-term vision.
