South Korea’s POSCO Group and JSW Steel signs Agreement
The agreement marks a significant step toward deepening strategic collaboration between two of the world’s most respected steel companies.
South Korea’s POSCO Group and JSW Steel signs Agreement
Mumbai/ Seoul, 18 August 2025: 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.
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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.
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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.
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