- JSW Steel and POSCO sign HoA for 6 MTPA integrated steel plant in India.
- The agreement builds on October 2024 MoU for a 50:50 joint venture.
- Odisha considered prime site due to mineral resources and strong logistics advantages.
JSW Steel and the Korean company POSCO Group came together for signing a non-binding Heads of Agreement for an integrated steel-making plant of 6 million tonnes capacity at India, as per a joint statement on Monday.
This agreement extends an MoU which the two companies entered into back in October 2024, wherein they set out the basis for a 50:50 JV to enhance India's steel production capacity.
In the presence of Jayant Acharya, Joint Managing Director and CEO of JSW Steel, and Lee Ju-tae, Representative Director and President of POSCO Holdings, the HoA was signed in Mumbai.
The companies say a thorough feasibility analysis that covers regulatory clearances, resource availability, geographical alternatives, and investment requirements will be the next step. According to the joint statement, Odisha is regarded as a crucial location because of its mineral resources and logistical benefits.
The collaboration blends POSCO's technological know-how with JSW's domestic presence and execution skills, according to Jayant Acharya of JSW Steel.
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"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," Acharya said.
India is essential to the growth of the world's steel demand, according to POSCO Holdings President Lee Ju-tae, who also emphasized the partnership's foundation of trust and a common long-term goal.
He added on to say that the project ensures value generation for both businesses and demonstrates POSCO's dedication to India's industrial development.
"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," Lee Ju-tae said.