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New Indian Express
21 hours ago
- Business
- New Indian Express
Odisha emerges key location for JSW Steel-POSCO plant
Leading steelmaker JSW Steel and South Korea's POSCO Group have signed a non-binding Heads of Agreement (HoA) to jointly explore setting up a 6 million tonne per annum (MTPA) integrated steel plant in India. Odisha is among the key locations being considered for the plant with the site most likely to be in Keonjhar, the home district of Chief Minister Mohan Charan Majhi. The HoA builds on the MoU signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture towards establishment of an integrated steel plant in the country with an initial capacity of 5 MTPA. The partnership also aims to explore synergies in battery materials and renewable energy.
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.
Business Standard
2 days ago
- Business
- Business Standard
JSW Steel and POSCO signs Heads of Agreement
For undertaking detailed feasibility study for proposed JV in IndiaJSW Steel and South Korea's POSCO Group, a global leader in steel production, have 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. The agreement marks a significant step toward deepening strategic collaboration between two of the world's most respected steel companies. 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. 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. Given its natural resource base and logistical advantages, Odisha is among the key locations being considered. Powered by Capital Market - Live News
Time of India
2 days ago
- Business
- Time of India
JSW Steel and South Korea's POSCO team up for 6MTPA steel plant in India
JSW Steel and South Korea's POSCO Group are exploring setting up a six million tonnes per annum (MTPA) integrated steel plant in India , the former said in a press release on Monday. The two companies have signed a non-binding Heads of Agreement (HoA) to jointly set up the plant in a potential 50:50 venture. Independence Day 2025 Modi signals new push for tech independence with local chips Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency The agreement expands on a Memorandum of Understanding (MoU) signed in October 2024 and outlines the broad framework for collaboration. The HoA was signed in Mumbai , in the presence of Lee Ju-tae, Representative Director and President of POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO of 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. '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," added Lee Ju-tae, Representative Director and President, POSCO Holdings. According to the press release, the POSCO Group is a leading industrial conglomerate from South Korea and is recognized globally for its steel production capabilities and diverse business portfolio spanning steel, secondary battery materials, construction, and energy. Its Steel Division, operating from integrated plants in Pohang and Gwangyang, has a crude steel capacity of around 42 million tonnes per year. Live Events
Korea Herald
02-06-2025
- Business
- Korea Herald
Govt. convenes emergency meeting on response to planned hike in US steel tariffs
The government held an emergency meeting with major local steelmakers Monday to discuss the impact of the United States' plan to double its tariffs on all steel imports to 50 percent later this week, the industry ministry said. The meeting, hosted by the Ministry of Trade, Industry and Energy, was attended by officials from POSCO Group, Hyundai Steel Co. and other major steel companies here, according to ministry officials. Monday's meeting came after US President Donald Trump said last week he will double tariffs on foreign imports of steel to 50 percent Wednesday. The ministry said steel industry officials asked the government to swiftly share information on US tariff measures and continue cooperation with the private sector to respond to them. The ministry added that the government will work to minimize any negative impact of US tariffs on the local industry through trade negotiations with Washington. In May, South Korea's steel exports went down 12.4 percent from a year earlier to $2.6 billion, with shipments to the US plunging 20.6 percent over the cited period. Korean steelmakers have been working to soften the blow of Trump tariffs, with some companies planning to increase their production in the US. Hyundai Steel plans to invest $5.8 billion to construct an electric arc furnace-based steel mill in Louisiana by 2029, its first overseas production facility, according to company officials. (Yonhap)
