According to a statement released by JSW Steel Limited on Monday, August 18, India's JSW Steel and South Korea's POSCO Group have signed a non-binding agreement (HoA) to jointly explore the possibility of establishing a 6 million steel mill in India. This Agreement is based on the memorandum of understanding (MOU) signed by both sides in October 2024 and defines the broad framework for the proposed 50:50 joint venture, the statement said.
As part of the next steps, JSW and POSCO will conduct a detailed feasibility study to finalize the location of the plant, investment conditions, resource availability, and other critical factors. Given its natural resource base and logistical advantages, Odisha is one of the key locations under consideration.
"India is central to the future of global steel demand. Our cooperation with JSW is based on mutual trust and a shared long-term vision. This initiative represents our commitment to support India's industrial growth while creating long-term value for both organizations," Lee Joo Tae, director representative and president of POSCO Holdings, said in a statement."This partnership combines JSW's proven capabilities and strong internal presence with POSCO's technological leadership in steel production. This will help create a globally competitive manufacturing center to serve both the domestic and export markets," said Jayant Acharya, Joint Managing Director of JSW Steel.
