JSW Steel, India’s leading steelmaker, and South Korea’s POSCO Group have signed a non-binding heads of agreement (HoA) to jointly explore setting up a six million tonne per annum (MTPA) integrated steel plant in India.

This agreement builds upon the memorandum of understanding (MoU) signed in October 2024, outlining a 50:50 joint venture framework. The HoA was signed in Mumbai in the presence of Lee Ju-tae, President of POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO of JSW Steel. Both companies will conduct a detailed feasibility study to determine the plant’s location, investment terms, and resource requirements.

Odisha, due to its resource base and logistical strengths, is a key contender. Jayant Acharya remarked, “This partnership brings together JSW’s proven execution capabilities with POSCO’s technological leadership in steelmaking.” Lee Ju-tae added, “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.”