Bhubaneswar: Posco Group has signed a memorandum of understanding (MoU) with JSW Group to build an integrated steel manufacturing facility in Odisha, said media report.

The Korea JoongAng Daily stated, in the report, the joint steel plant will have an annual production of five million tonnes with a possible plan for expansion. 

The MoU was signed in Mumbai on October 21 in presence of Posco Chairman and CEO Chang In-hwa and JSW Group Chairman Sajjan Jindal. 

“With JSW Group, we expect to lead a transition to an environment-friendly era and contribute to the two countries' economic development,” Posco Chairman Chang said in the news report.

“In order to overcome intensifying economic blocs and secure 'super gap' competitiveness, Posco will actively push making investments for future growth such as expanding overseas investments centered on the upstream process of steel making,” he said in the report.

Posco and JSW will also look for opportunities in secondary battery materials. They will make joint investments and research in their value chain. In renewable energy, the two companies will enter into partnerships and start powering the steel plant with green energy.