POSCO Group, South Korea’s global leader in steel production, and JSW Steel, one of India’s largest steelmakers, have signed a non-binding Heads of Agreement (HoA) to jointly explore the establishment of a 6 million tonnes per annum (MTPA) integrated steel plant in India.
The HoA builds on the Memorandum of Understanding (MoU) signed in October 2024 and outlines the framework for a proposed 50:50 joint venture between the two companies. The signing ceremony took place in Mumbai in the presence of Lee Ju-tae, Representative Director and President, POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO, JSW Steel.
As part of the next phase, both companies will conduct a comprehensive feasibility study to finalize the plant’s location, investment structure, and resource planning. Odisha, with its rich resource base and strategic logistical advantages, is one of the prime locations under consideration.
Speaking on the collaboration, Lee Ju-tae, Representative Director and President, 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.”
Echoing this sentiment, Jayant Acharya, Joint Managing Director & CEO, JSW Steel, said, “This partnership brings together POSCO’s technological leadership in steelmaking and JSW’s proven execution capabilities and strong domestic footprint. 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.”
The agreement represents a significant milestone in strengthening the strategic partnership between POSCO and JSW Steel while contributing to India’s industrial transformation and global competitiveness in steel production.
POSCO Group, headquartered in South Korea, is a global leader in steel production with a diversified presence across steel, energy, and advanced materials. Known for its technological innovations and sustainable practices, POSCO ranks among the world’s most competitive steelmakers, catering to industries ranging from automotive to energy.
JSW Steel, part of the US$ 24 billion JSW Group, is India’s leading steel company and among the world’s most efficient steel producers. With a strong domestic footprint and growing global presence, JSW Steel is recognized for its focus on innovation, sustainability, and building a self-reliant manufacturing ecosystem under the vision of Atmanirbhar Bharat.
