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 integrated steel plant in India. The proposed project will be developed as a 50:50 joint venture between the two companies.

The HoA builds on a Memorandum of Understanding signed in October 2024 and lays down the framework for the collaboration. A detailed feasibility study will now be undertaken to determine the plant’s location, investment structure, resource availability, and other key aspects. Odisha, with its natural resources and logistical strengths, is one of the key locations under consideration.

Jayant Acharya, Joint Managing Director and CEO of JSW Steel, 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, Representative Director and President of POSCO Holdings, 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.”

The proposed plant, once finalized, is expected to strengthen India’s position as a major steel producer while supporting the country’s growing demand for high-quality steel in sectors ranging from infrastructure to manufacturing.

BI Bureau