South Korea’s POSCO Group has finalized an agreement with India’s JSW Steel to jointly invest $7.3 billion in constructing a steel plant in India. The project aims to establish a production hub in India and enhance the global supply chain. The integrated steel mill, with an annual capacity of 6 million tons, will be located in Odisha, eastern India, and is expected to be completed by 2031.
POSCO and JSW Steel will each hold a 50 percent stake in the project, encompassing the entire production process at a single site. POSCO’s investment in the project is estimated to be around $3.5 billion. The two companies had previously signed a memorandum of understanding in 2024 and a nonbinding heads of agreement last year for this initiative.
POSCO CEO Lee Hee-geun expressed that the joint investment will combine POSCO’s advanced steel technology with JSW Group’s strong local competitiveness. The collaboration aims to create future value and contribute to the industrial development and economic growth of both countries. South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi have also agreed to enhance cooperation in stabilizing energy supply chains amid uncertainties from the Middle East conflict.
