JSW Steel, India’s leading steel producer, and South Korea’s POSCO Group, a global leader in the industry, 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 HoA, signed in Mumbai, marks an important milestone in strengthening the strategic partnership between the two companies. It follows a Memorandum of Understanding (MoU) signed in October 2024 and sets out the broad framework for a proposed 50:50 joint venture. The agreement was signed in the presence of Mr Lee Ju-tae, Representative Director and President, POSCO Holdings, and Mr Jayant Acharya, Joint Managing Director & CEO, JSW Steel.

As part of the next steps, JSW and POSCO will undertake a detailed feasibility study covering investment terms, location, resource availability, and other critical factors. Odisha, with its natural resource base and logistical advantages, is among the leading options being considered for the project.

Mr Jayant Acharya, Joint Managing Director & CEO of JSW Steel, said:

“This partnership combines JSW’s proven execution capabilities and strong domestic presence with POSCO’s technological leadership in steelmaking. The venture is aligned with India’s Atmanirbhar Bharat vision and will help build a globally competitive manufacturing hub serving both domestic and export markets.”

Mr Lee Ju-tae, Representative Director and President of 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 demonstrates our commitment to supporting India’s industrial growth while creating sustainable value for both organisations.”

The proposed project reflects India’s push towards self-reliance while also strengthening its role as a key player in global steel exports.