JSW Steel, and South Korea’s POSCO Group, have signed a non-binding Heads of Agreement (HoA) to jointly explore setting up a 6 million tonnes per annum (MTPA) integrated steel plant in India through a 50:50 joint venture. Odisha is among the key locations being considered though the final site will be decided after a fesibility study.

The agreement marks a significant step towards deepening strategic collaboration between two of the world’s most respected steel companies.

This HoA builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024. Mr. Jayant Acharya, Joint Managing Director & CEO, JSW Steel, said,  “This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking.

Mr. Lee Ju-tae, Representative Director and President, POSCO Holdings, 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.”