Odisha Chief Minister Mohan Majhi has announced that South Korean steel major POSCO and JSW Group will jointly set up a steel plant in Keonjhar. The two companies have signed a pact for a five MTPA steel plant in India, besides collaborations in battery materials and renewable energy (RE) sectors.
The JV will be of equal partnership, with both companies investing 50 percent for the project. The implementation is currently underway.
In August, 2024, the government had formed a Chief Secretary-led task force to establish a steel plant in the mineral-rich Keonjhar district. While Odisha has an estimated 5,900 million tonne of iron ore, Keonjhar accounts for a share of 2,500 MT.