JSW Steel of India and South Korea's POSCO have signed a joint venture agreement to establish a six million tonnes per annum (mn tpa) integrated steel plant in Odisha.

The announcement was made at the India-Korea Business Forum in New Delhi in the presence of the commerce and industry minister of India, the minister of industry, trade and resources of the Republic of Korea, and senior executives from both companies.

JSW and POSCO had earlier executed a memorandum of understanding in October 2024 and a heads of agreement in July 2025, which have been consolidated in the joint venture pact. The proposed integrated project will encompass steelmaking, hot rolling and cold rolling with coating processes and the site land has been secured. Once commissioned, the plant will be capable of producing high-grade flat steel products for automotive and other industrial applications.

The joint venture will combine POSCO's technological expertise with JSW's project execution and cost leadership to broaden product opportunities in India and serve the domestic market. The arrangement provides POSCO with enhanced access to India's high growth market and the partners intend the plant to be operational by 2031. The joint venture is expected to leverage integration with POSCO's one point eight mn tpa downstream unit in Pune, Maharashtra, to generate significant synergies.

The partners indicated that completion of the transaction remains subject to receipt of regulatory approvals and customary closing conditions. The agreement is intended to deepen strategic ties and to set the stage for future collaborations between the groups. Observers view the project as likely to contribute to strengthening India's steel ecosystem and to supporting the nation's industrial value chain. Both companies will now progress detailed engineering, procurement and construction planning ahead of commissioning.