JSW Steel and South Korea’s POSCO Group are in talks to establish a six million tonnes per annum (MTPA) integrated steel plant in India, the companies announced Monday.
The move follows the signing of a non-binding Heads of Agreement (HoA) in Mumbai, building on a Memorandum of Understanding (MoU) signed in October 2024. The potential venture, structured as a 50:50 partnership, aims to combine JSW’s domestic expertise with POSCO’s global technological leadership in steelmaking.
“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.
POSCO’s Lee Ju-tae, Representative Director and President, highlighted India’s role in shaping 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.”
POSCO, a global industrial leader with major operations in steel, battery materials, construction, and energy, operates integrated plants in Pohang and Gwangyang, South Korea, with a combined crude steel capacity of around 42 million tonnes per year.
