JSW Steel and POSCO Group sign Heads of Agreement to explore 6 MTPA Integrated Steel Plant in India

JSW Steel, India's leading steelmaker, and South Korea's POSCO Group, a global leader in steel production, 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. The agreement marks a significant step toward 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 and outlines the broad framework for the proposed 50:50 joint venture. The HoA was signed in Mumbai in the presence of Mr. Lee Ju-tae, Representative Director and President, POSCO Holdings, and Mr. Jayant Acharya, Joint Managing Director & CEO, JSW Steel.

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.

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. 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."

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. This initiative represents our commitment to supporting India's industrial growth while creating long-term value for both organizations.

Shares of JSW Steel Limited was last trading in BSE at Rs. 1045.15 as compared to the previous close of Rs. 1053.70. The total number of shares traded during the day was 23300 in over 1754 trades.

The stock hit an intraday high of Rs. 1057.60 and intraday low of 1038.35. The net turnover during the day was Rs. 24365198.00.

Source : Equity Bulls

Keywords

JSWSteel INE019A01038 POSCOGroup SouthKorea HeadsofAgreement 6MTPA IntegratedSteelPlant India