R. Suryamurthy
Two of the world’s steel giants are joining forces to potentially build a major new steel plant in India. JSW Steel, India’s largest steel producer, and South Korea’s POSCO Group have signed a non-binding agreement to explore a joint venture for a 6 million tonnes per annum (MTPA) integrated steel facility.
The partnership aims to combine JSW’s extensive presence and operational expertise in India with POSCO’s leading steelmaking technology. This new venture, which would be a 50:50 partnership, is a significant move that could boost India’s industrial manufacturing capabilities and support the country’s “Atmanirbhar Bharat” (Self-Reliant India) initiative.
The agreement builds on a previous memorandum of understanding from October 2024. The next step for both companies will be a detailed feasibility study to finalize the project’s details, including investment terms and resource availability.
Officials have already identified Odisha as a potential site for the plant due to its abundant natural resources and strategic logistical advantages.
“This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking,” said Jayant Acharya, Joint Managing Director & CEO of JSW Steel. “The proposed venture…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, echoed this sentiment, stating that the collaboration is based on “mutual trust and a shared long-term vision.” He added that India is crucial to the future of global steel demand and that the project represents POSCO’s commitment to supporting India’s industrial growth.
This project, if finalized, could be a key step in strengthening India’s position as a global manufacturing and export hub