JSW & Posco consider Odisha to set up integrated steel plant
2
Bhubaneswar: Odisha is among the prospective locations for a 6 MTPA steel plant jointly planned by Indian steel major
JSW Steel
and South Korea's Posco Group, a global leader in steel production, the companies said on Monday.
The two steel giants signed a non-binding heads of agreement (HoA) to jointly explore setting up the integrated steel plant, marking a significant step toward deepening strategic collaboration between two of the world's most respected steel companies, a release said.
As the next step, they will undertake a detailed feasibility study to finalise the location. "Given its natural resource base and logistical advantages, Odisha is among the key locations being considered," it said.
The companies will finalise investment terms, resource availability and other critical factors, they said.
The agreement builds on the memorandum of understanding (MoU) signed by both parties in Oct 2024 and outlines the broad framework for the proposed 50:50 joint venture. The agreement was signed in Mumbai in the presence of Lee Ju-tae, representative director and president, Posco Holdings, and Jayant Acharya, joint managing director & CEO, JSW Steel.
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The collaboration is set to leverage JSW's execution capabilities and domestic presence alongside Posco's technological prowess in steel-making. Acharya emphasised that the venture aligns with the Atmanirbhar Bharat vision, aiming to establish a globally competitive manufacturing hub for both domestic and export markets.
Lee highlighted the strategic importance of India in the global steel demand landscape, underscoring the partnership's foundation on mutual trust and a shared long-term vision.
He reiterated Posco's commitment to supporting India's industrial growth and creating long-term value for both organisations.
JSW Steel, the flagship business of the $23 billion JSW Group, is India's leading integrated steel producer with a consolidated capacity of 35.7 MTPA, including 1.5 MTPA in the USA. The company is on track to expand its capacity to 43.4 MTPA over the next three years.
Posco boasts an annual crude steel production capacity of around 42 million tonnes.
With its integrated steelworks in Pohang and Gwangyang in Korea, Posco operates a robust production, processing, and sales network worldwide, supplying high-quality steel products to diverse industries.
In 2005, Posco announced an investment plan of around $12 billion for a 12 MTPA steel plant in Jagatsinghpur district, billed as India's largest FDI project at the time. However, the project was abandoned in 2017 after local opposition, land acquisition hurdles and global market conditions,
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