JSW Steel, South Korea’s POSCO Group join hands to set up 6 MTPA steel plant in India

New Delhi: Homegrown JSW Steel and the POSCO Group of South Korea have joined hands to explore setting up a 6 million tonnes per annum (MTPA) steel plant in India.

As part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalize the plant’s location, investment terms, resource availability, and other critical factors. In a statement on Monday, JSW Steel said it has signed a non-binding Heads of Agreement (HoA) to jointly explore setting up a 6 million tonnes per annum (MTPA) integrated steel plant in India.

Given its natural resource base and logistical advantages, Odisha is among the key locations being considered.

“This HoA builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture,” the steel maker said.

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.

“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,” JSW Steel’s Acharya said.

The agreement marks a significant step toward deepening strategic collaboration between JSW Steel and the POSCO Group of South Korea.