JSW Steel and South Korea's POSCO team up for 6MTPA steel plant in India

JSW Steel and South Korea’s POSCO Group are exploring setting up a six million tonnes per annum (MTPA) integrated steel plant in India, the former said in a press release on Monday. The two companies have signed a non-binding Heads of Agreement (HoA) to jointly set up the plant in a potential 50:50 venture.

The agreement expands on a Memorandum of Understanding (MoU) signed in October 2024 and outlines the broad framework for collaboration. The HoA 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 Jayant Acharya, Joint Managing Director & CEO, JSW Steel.

“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," added Lee Ju-tae, Representative Director and President, POSCO Holdings.

According to the press release, the POSCO Group is a leading industrial conglomerate from South Korea and is recognized globally for its steel production capabilities and diverse business portfolio spanning steel, secondary battery materials, construction, and energy. Its Steel Division, operating from integrated plants in Pohang and Gwangyang, has a crude steel capacity of around 42 million tonnes per year.