Posco Group and JSW Steel have signed a non-binding Heads of Agreement to explore setting up an integrated steel plant in India.
The agreement between the South Korean steel producer and Indian steelmakers, builds on the Memorandum of Understanding signed in October 2024, which outlined the broad framework of setting up a 6mt per annum plant.
Representative director and president at Posco, Mr. Lee Ju-tae said: “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 organisations.”
Jayant Acharya, joint managing director and CEO of JSW Steel added: “This partnership brings together POSCO’s technological leadership in steelmaking and JSW’s proven execution capabilities and strong domestic footprint.
“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.”
As part of the next steps, the two companies will conduct a feasibility study to finalise the plant’s location, investment terms, resource availability and other critical factors.
