Indian steelmaker JSW Steel Limited has announced that it has inked a memorandum of understanding (MoU) with South Korean steelmaker POSCO to collaborate on several areas including steelmaking, battery materials for electric vehicles (EVs) and renewable energy in India.
Within the scope of the agreement, the companies will build an integrated steel plant with an initial production capacity of 5 million mt per year in India. Moreover, they will explore the opportunities for the production of battery materials in relation to the EVs and will work on renewable energy projects in order to meet the needs of their joint steel plant.
It is expected that the partnership will increase India’s steel production capacity and will contribute to the sustainability plans of both countries.