JSW Steel and South Korea’s POSCO have signed a joint venture agreement to set up a 6 mtpa greenfield steel plant in Odisha.
In 2024, both companies signed MoU and an agreement was signed last year. This has now been fortified with the signing of the joint venture agreement, said JSW Steel in a statement on Monday.
The proposed integrated steel project of 6 mtpa will comprise steelmaking, hot rolling, and cold rolling/coating processes.
The land for the project has already been secured. Once commissioned by 2031, the plant will be capable of manufacturing high-grade flat steel products for automotive and other applications.
Leveraging on POSCO’s technological expertise, the joint venture’s product portfolio will complement that of JSW and provide new product opportunities in India.
The project gives POSCO access to India’s high growth market. The joint venture aims to leverage the integration with POSCO’s 1.8 mtpa downstream unit in Pune to drive significant synergies.
The completion of the transaction is subject to receipt of regulatory approvals.
Jayant Acharya, Joint Managing Director & CEO, JSW Steep said the partnership will ensure alignment of the company’s vision and commitment, while leveraging POSCO’s technological expertise and JSW’s strengths in project execution and cost leadership.
Lee Hee-geun, President, POSCO said the joint venture will make a meaningful contribution not only to future value creation but also to the industrial development and economic growth of both nations.
Published on April 20, 2026