Mumbai: JSW Steel, one of India’s leading steelmakers, and South Korea’s POSCO Group, a global leader in steel production, have signed a non-binding Heads of Agreement (HoA) to jointly explore the establishment of a 6 million tonnes per annum (MTPA) integrated steel plant in India.

The development marks a major step toward strengthening strategic cooperation between the two industry giants. The HoA builds on a Memorandum of Understanding (MoU) inked in October 2024 and sets the broad framework for a proposed 50:50 joint venture. 

The agreement was signed in Mumbai in the presence of Lee Ju-tae, Representative Director and President, POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO, JSW Steel.

As part of the next phase, both companies will conduct a detailed feasibility study to finalize the project’s location, investment model, and resource logistics. Odisha, with its abundant natural resources and logistical advantages, is among the prime locations being considered for the project.

Commenting on the partnership, Jayant Acharya said, “This venture combines JSW’s execution strength and domestic presence with POSCO’s global leadership in steelmaking technology. It aligns with India’s Atmanirbhar Bharat vision and will contribute to building a globally competitive manufacturing hub to serve both domestic and export markets.”

POSCO Holdings President Lee Ju-tae added, “India is central to the future of global steel demand. Our collaboration with JSW reflects mutual trust and a shared long-term vision. This project underscores our commitment to supporting India’s industrial growth while creating sustainable value for both companies.”