JSW Steel and POSCO have announced a joint investment of $7.73 billion to establish a steel plant in Odisha, India. This venture aims to address the country’s growing demand for steel by constructing an integrated facility with an initial production capacity of 5 million tonnes per year (MTPA). The project, backed by Odisha’s iron ore resources, is expected to begin operations next year, following an initial investment of approximately Rs 200 billion.
The facility will focus on producing hot-rolled, cold-rolled, and galvanized steel, with plans to gradually expand its capacity to 18 million tonnes within three years. This development builds on POSCO’s existing presence in India, where the company operates a cold-rolled and galvanized steel mill in Maharashtra that supplies automotive-grade steel to local automakers.
JSW and POSCO signed a Memorandum of Understanding (MoU) at JSW’s headquarters in Mumbai, with Chairman Sajjan Jindal and POSCO Chairman Chang In-hwa attending. Alongside the steel plant, the MoU outlines potential collaborations in battery materials for electric vehicles and renewable energy. The energy sector collaboration would support the steel plant’s operations and align with the partners’ interest in India’s expanding renewable energy and electric vehicle markets.
The partnership reflects JSW’s manufacturing capabilities combined with POSCO’s technology expertise. This venture is expected to strengthen the companies’ positions in India’s steel industry while exploring sustainable and energy-efficient solutions.