India’s 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 mt greenfield steel mill in India, according to a statement issued by JSW Steel Limited on Monday, August 18. This HoA builds on the memorandum of understanding (MoU) signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture, the statement said.
As part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalize the plant's location, investment terms, resource availability, and other critical factors. Given its natural resource base and logistical advantages, Odisha is among the key locations being considered, it 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 organizations," Lee Ju-tae, representative director and president, POSCO Holdings, said in the statement.
"This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking. It will help create a globally competitive manufacturing hub to serve both domestic and export markets," JSW Steel joint managing director Jayant Acharya said.
