Latest news with #LeeJu-tae
Deccan Herald
17 hours ago
- Business
- Deccan Herald
JSW, POSCO Group to jointly explore setting up 6 million ton steel plant
Bengaluru: JSW Steel has signed a non-binding heads of agreement (HoA) with South Korea's steel giant POSCO Group, to jointly explore setting up of a 6 million tonnes per annum (MTPA) integrated steel plant in India. This HoA builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture. .JSW Cement debuts 4% higher after 7.77x subscribed HoA 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 part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalise the plant's location, investment terms, resource availability, and other critical factors. Given its natural resource base and logistical advantages, Odisha is among the key locations being considered, JSW Steel said in a statement. Jayant Acharya said, 'This partnership brings together JSW's proven execution capabilities and strong domestic footprint with POSCO's technological leadership in steelmaking. 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.'Lee Ju-tae added, '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."JSW Steel is the flagship business of the $23 billion JSW Group and India's leading integrated steel producer with a consolidated capacity of 35.7 MTPA, including 1.5 MTPA in the United States. It operates India's largest single-location steel plant at Vijayanagar in Ballari district.
Time of India
2 days ago
- Business
- Time of India
JSW & Posco consider Odisha to set up integrated steel plant
1 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like A Tree Blocked This Garage for Years— Now They Finally Opened It Tips and Tricks Undo 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, Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
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Business Standard
2 days ago
- Business
- Business Standard
JSW Steel, South Korea's Posco sign pact for steel plant in India
JSW Steel and South Korea's Posco have signed a pact to explore setting up a 6 million tonnes per annum (MTPA) integrated steel plant in India, with Odisha among the top locations being considered for the project. Both the steel makers signed non-binding heads of agreement (HoA) in Mumbai, according to a joint statement issued by the companies on Monday. Lee Ju-tae, representative director and president, Posco Holdings, and Jayant Acharya, joint managing director and chief executive officer, JSW Steel were present during the signing of the agreement. The HoA outlines the broad framework for the proposed 50:50 joint venture — which was announced in October 2024. As the next step in the proposed venture, JSW and Posco will carry out a detailed feasibility study to determine the plant's location, investment structure, resource requirements and other critical factors. Odisha is among the key locations being considered for the project given its natural resource base and logistical advantages. 'JSW and Posco are looking at various sites which will make sense in terms of proximity to mines, logistics, port etc. Odisha remains one of our potential sites,' Acharya said. This partnership brings together JSW's proven execution capabilities and strong domestic footprint with Posco's technological leadership in steelmaking, he said. '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,' Acharya added. Lee Ju-tae said in a statement that India was 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 organisations.' For Posco, setting up upstream capacity in India has been a journey riddled with challenges. Its last attempt to establish a steel plant in India was with the Adani Group in 2022. Previous efforts included plans for a $12 billion greenfield facility in Odisha, MoUs with the Miglani family-controlled Shree Uttam Steel and Power, state-run Steel Authority of India and Rashtriya Ispat Nigam. Currently, the global steel major operates a downstream unit in Maharashtra. On investment in greenfield, the thumb rule is in the range of $1 billion for a million tonne capacity, Acharya told Business Standard. 'Once the technology gets decided and the contours of the project are defined, the cost of the project will be firmed up,' he added. For Sajjan Jindal-promoted JSW Steel, the venture adds to a long line of capacity expansion projects. India's largest steel producer, with 34.2 MTPA of domestic capacity, is targeting 41.9 MTPA in India by September 2027, driven by rising demand from infrastructure spending. By financial year 2031 (FY31), the target is to take capacity to 50 MTPA in India and including the US, 51.5 MTPA.
The Hindu
2 days ago
- Business
- The Hindu
JSW Steel, South Korea's POSCO Group join hands to set up 6 MTPA steel plant in India
Homegrown JSW Steel and the POSCO Group of South Korea have joined hands to explore setting up a 6 million tonnes per annum (MTPA) steel plant in India. As part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalise the plant's location, investment terms, resource availability, and other critical factors. In a statement on Monday (August 18, 2025), JSW Steel said it has signed a non-binding Heads of Agreement (HoA) to jointly explore setting up a 6 million tonnes per annum (MTPA) integrated steel plant in India. Given its natural resource base and logistical advantages, Odisha is among the key locations being considered. 'This HoA builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture,' the steelmaker said. The HoA 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. 'This partnership brings together JSW's proven execution capabilities and strong domestic footprint with POSCO's technological leadership in steelmaking. 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,' JSW Steel's Acharya said. The agreement marks a significant step toward deepening strategic collaboration between JSW Steel and the POSCO Group of South Korea. '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 his company's commitment to supporting India's industrial growth while creating long-term value for both organisations,' POSCO Holdings' Lee Ju-tae said. JSW Steel is the flagship business of the $23 billion JSW Group and India's leading integrated steel producer with a consolidated capacity of 35.7 MTPA, including 1.5 MTPA in the United States. In 2022, POSCO Group, leading industrial group in South Korea, had signed a pact with Adani Group to explore business opportunities in sectors like steel, renewable energy among others.
Mint
2 days ago
- Business
- Mint
JSW Steel share price jumps 2% on agreement with POSCO group. Details here
JSW Steel share price surged as much as 2 per cent to ₹ 1,067.60 apiece in Monday's trading session after the company signed an agreement with PASCO Group. JSW Steel stock has remained in green despite volatility in Indian stock market. The stock has gained nearly 8.89 per cent in six months and over 16 per cent in one year. On Monday, the company announced that it has signed a non-binding Heads of Agreement (HoA) with South Korea's PASCO Group to set up a 6 million tonnes per annum (MTPA) integrated steel plant in India. 'The agreement marks a significant step toward deepening strategic collaboration between two of the world's most respected steel companies,' the company said in the filing. This HoA builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture. The HoA was signed in Mumbai in the presence of Mr. Lee Ju-tae, Representative Director and President, POSCO Holdings, and Mr. Jayant Acharya, Joint Managing Director & CEO, JSW Steel. 'This partnership brings together JSW's proven execution capabilities and strong domestic footprint with POSCO's technological leadership in steelmaking. 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," said Jayant Acharya, Joint Managing Director & CEO, JSW Steel. As part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalize the plant's location, investment terms, resource availability, and other critical factors. '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," said Lee Ju-tae, Representative Director and President, POSCO Holdings. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
