POSCO Group, South Korea’s global leader in steel production, and India’s leading steelmaker JSW Steel 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 agreement represents a significant step in strengthening collaboration between the two companies. 

The HoA builds on a Memorandum of Understanding (MoU) signed in October 2024 and outlines the framework for a proposed 50:50 joint venture. It 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. 

Both companies will now conduct a detailed feasibility study to assess location, investment, resource availability and other key factors. Odisha, with its natural resource base and logistical advantages, is among the potential sites being evaluated. 

Lee Ju-tae, Representative Director and President, POSCO Holdings, said, 

 “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 represents our commitment to supporting India’s industrial growth while creating long-term value for both organisations.” 

Jayant Acharya, Joint Managing Director & CEO, JSW Steel, said, 

 “This partnership brings together POSCO’s technological leadership in steelmaking and JSW’s proven execution capabilities and strong domestic footprint. The proposed venture aligns with India’s vision of Atmanirbhar Bharat and will help create a globally competitive manufacturing hub to serve both domestic and export markets.” 

 

Photo caption: POSCO Group and JSW Group sign a Heads of Agreement (HoA) for business collaboration. From left: Arun Maheshwari, Director, JSW Group; Jayant Acharya, Joint Managing Director & CEO, JSW Steel; Lee Ju-tae, President, POSCO Holdings; and Shin Sung-won, Head of Corporate Strategy Division, POSCO.