JSW Steel Limited and South Korea’s POSCO Group are exploring the establishment of a six million tonnes per annum (MTPA) integrated steel plant in India. The two companies have signed a non-binding Heads of Agreement (HoA) to jointly set up the project, potentially as a 50:50 venture, JSW Steel announced on Monday.
The HoA builds upon a Memorandum of Understanding (MoU) signed in October 2024 and sets out the broad framework for collaboration. The agreement was signed in Mumbai in the presence of Lee Ju-tae, Representative Director and President of POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO of JSW Steel.
“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 Acharya.
Highlighting the strategic importance of India, 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. This initiative represents our commitment to supporting India’s industrial growth while creating long-term value for both organizations.”
POSCO Group, one of South Korea’s leading industrial conglomerates, is globally recognized for its steel production capabilities. Its Steel Division, operating from integrated plants in Pohang and Gwangyang, has a crude steel capacity of around 42 million tonnes per year. Beyond steel, the group has a diversified business portfolio spanning secondary battery materials, construction, and energy.