Mumbai
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 tonnes per annum (MTPA) integrated steel plant in India. The pact builds on a Memorandum of Understanding (MoU) signed in October 2024, which outlined plans for a 50:50 joint venture.
The agreement was signed in Mumbai in the presence of POSCO Holdings President Lee Ju-tae and JSW Steel Joint Managing Director and CEO Jayant Acharya. The next step will be a detailed feasibility study covering investment, location options, raw material availability, and regulatory clearances. Odisha is being considered as a preferred site due to its rich mineral reserves and strategic location advantages.
Acharya said the collaboration combines JSW Steel’s strong domestic presence with POSCO’s global technological expertise. He emphasized that the partnership aligns with India’s Atmanirbhar Bharat mission and aims to build a globally competitive steel hub serving both local and export markets.
Lee Ju-tae underlined India’s role in global steel demand growth. He said the collaboration reflects mutual trust, a shared long-term vision, and POSCO’s commitment to supporting India’s industrial development while generating value for both partners.
JSW Steel, part of the USD 23 billion JSW Group, currently has 35.7 MTPA steelmaking capacity, expected to rise to 43.4 MTPA within three years. Its Vijayanagar plant in Karnataka is the largest single-location steel facility in India. The company has pledged net-zero emissions by 2050 and renewable energy sourcing by 2030. POSCO, with 42 MTPA crude steel capacity, is also advancing hydrogen-based steelmaking to meet its 2050 net-zero target.
