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POSCO Group, JSW Steel Partner to Assess Indian Integrated Steel Plant
08/18/2025 - POSCO Group and JSW Steel have signed a nonbinding heads of agreement (HoA) to look into setting up an integrated steel plant in India.
The companies said the plant would produce an estimated 6 million metric tons annually. They signed a memorandum of understanding (MoU) in October 2024 which outlined the basic framework for the 50:50 venture. The HoA builds upon the previously signed MoU.
“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 of POSCO Holdings.
The companies said they will undertake a detailed feasibility study as part of the next steps. This will finalize the plant’s location, investment terms, resource availability and other factors. One location the companies are considering is Odisha.
“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 and chief executive officer of JSW Steel.
“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 of POSCO Holdings.
The companies said they will undertake a detailed feasibility study as part of the next steps. This will finalize the plant’s location, investment terms, resource availability and other factors. One location the companies are considering is Odisha.
“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 and chief executive officer of JSW Steel.
