New Delhi: JSW Steel and South Korea’s POSCO, two of the world’s leading steelmakers, have signed a joint venture agreement to establish a 6 Million Tonnes Per Annum (MTPA) greenfield integrated steel plant in Odisha. The agreement was announced at the India-Korea Business Forum in New Delhi, in the presence of senior government officials and top leadership from both countries and companies.
The event was attended by Union Minister of Commerce and Industry Piyush Goyal, South Korea’s Minister of Industry, Trade, and Resources Jung-kwan Kim, JSW Group Chairman Sajjan Jindal, and POSCO Chairman Chang In-hwa, along with senior executives from both sides.
According to the announcement, the joint venture builds on earlier agreements between the two companies, including a memorandum of understanding signed in October 2024 and a heads of agreement finalised in July 2025. The latest agreement formalises the partnership for the proposed steel project, JSW Group said in a press release.
The integrated facility will include steelmaking, hot rolling, cold rolling, and coating units. Land for the project has already been secured. Once operational, the plant is expected to produce high-grade flat steel products, primarily for the automotive sector and other industrial applications. The project is targeted for commissioning by 2031.
The partnership will combine POSCO’s advanced steelmaking technology with JSW Steel’s execution capabilities and cost efficiency. Both companies are expected to leverage synergies with POSCO’s downstream 1.8 MTPA unit in Pune, Maharashtra, to enhance operational integration and product flow.
Jsw Steel stated that the collaboration reflects confidence in India’s long-term growth prospects and aims to strengthen the country’s steel value chain. Posco highlighted that the venture is expected to combine technological innovation with local competitiveness, contributing to industrial and economic development in both India and South Korea.
The completion of the transaction will be subject to regulatory approvals.
