JSW Group announced on Tuesday that it has entered into a partnership with South Korea’s POSCO Group to establish a 5 million tonnes per annum (MTPA) steel plant in India. The agreement includes a Memorandum of Understanding (MoU) to facilitate collaboration in the steel industry as well as in the battery materials and renewable energy sectors.
The two companies will also investigate joint initiatives related to battery materials for Electric Vehicles (EVs) and renewable energy, which will serve the integrated steel plant’s requirements, according to the statement from JSW Group.
Sajjan Jindal, Chairman of JSW Group, emphasized that this partnership represents a significant advancement in their commitment to the Indian steel sector. He noted that India, as one of the fastest-growing economies globally, offers vast opportunities for sustainable growth. This collaboration with POSCO is aimed at establishing a new standard in technology and sustainability, influencing the future of manufacturing in India and beyond.
The partnership intends to set up an integrated steel plant with an initial capacity of 5 MTPA, contributing to economic growth in both Korea and India while promoting a more sustainable future. Chang In-hwa, Chairman of POSCO, highlighted that combining JSW’s strong manufacturing capabilities and project execution skills with POSCO’s technological expertise will create a robust foundation for innovative solutions in the Indian steel and energy sectors.
POSCO Group, headquartered in Pohang, South Korea, is a leading global steel manufacturer recognized for its innovative and sustainable practices in the steel industry. Founded in 1968, POSCO has grown to become one of the largest steel producers in the world, specializing in the production of high-quality flat and long steel products used in various sectors, including automotive, construction, shipbuilding, and energy.
The company is renowned for its advanced steel-making technologies, including the FINEX process, which enhances efficiency and reduces environmental impact. Beyond steel production, POSCO is also involved in diverse industries such as energy, construction, and logistics, showcasing its commitment to sustainability and corporate social responsibility.
With a strong focus on research and development, POSCO continues to lead in technological advancements and aims to achieve carbon neutrality by 2050. The company’s strategic partnerships and investments globally reflect its ambition to enhance its market presence while contributing to sustainable development and the circular economy.
JSW Group is a prominent Indian multinational conglomerate with a diverse portfolio spanning sectors such as steel, energy, infrastructure, cement, and paints. Headquartered in Mumbai, the group is best known for its flagship company, JSW Steel, which is one of the largest steel producers in India, recognized for its commitment to innovation and sustainable practices.
JSW Group focuses on enhancing its manufacturing capabilities while integrating environmentally friendly processes and technologies to minimize its carbon footprint. Additionally, the group is involved in various infrastructure projects, contributing to India’s development in areas such as roads, airports, and power generation.
With a strong emphasis on corporate social responsibility, JSW Group actively engages in community development initiatives, education, and health care, making significant contributions to the society it operates in. Through its strategic vision and commitment to excellence, JSW Group is well-positioned as a leader in driving industrial growth and sustainable development in India.
