JSW Steel, POSCO Move Closer to JV for 6 MTPA Steel Plant in India

JSW Steel said it has advanced talks with South Korea’s POSCO group to jointly set up an integrated steel plant in India with a capacity of 6 million tonnes per annum. The companies have signed non-binding heads of agreement, taking forward the initial pact signed in October.

Both sides will hold 50% stakes in the venture, which is expected to come up in Odisha, subject to a detailed feasibility study on location, investments, and resource availability.

JSW Steel CEO Jayant Acharya said the project supports India’s Atmanirbhar Bharat vision and aims to build a globally competitive hub serving domestic and export markets.