JSW, Posco sign agreement to set up 6 MTPA steel plant in Odisha

Odisha being considered as a potential site; final terms of the agreement are subject to feasibility and approvals

JSW Steel Ltd and South Korea’s Posco Group have signed a non-binding agreement to jointly explore setting up a 6 million tonnes per annum (MTPA) integrated steel plant in India through a 50:50 joint venture, the companies said in a statement on Monday.

 

The companies will now conduct a detailed feasibility study to finalise the plant’s location, investment terms, resource availability, and other critical factors. Odisha, with its natural resource base and logistical advantages, is among the key locations being considered.

 

The Heads of Agreement (HoA), signed in Mumbai, follows a memorandum of understanding signed in October 2024. “This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with Posco’s technological leadership in steelmaking,” said Jayant Acharya, CEO of JSW Steel.

 

 

He added that the proposed venture will help create a globally competitive manufacturing hub to serve both domestic and export markets.

 

Calling India “central to the future of global steel demand,” Lee Ju-tae, representative director & president of Posco Holdings, said the collaboration will support India’s Industrial growth while creating long-term value for both organisations.