India's leading steel company JSW Steel has signed a pre-agreement with South Korea's POSCO to build an integrated steel plant with a production capacity of 5 million tons of steel per year. The partnership includes developing materials for electric vehicle batteries and building renewable energy capacities for the plant. The capacity of the plant is planned at 5 million tons of steel per year. Sajjan Jindal, Chairman of JSW Group, stated that this cooperation will contribute to strengthening the infrastructure for electric vehicle production in India.
In-hwa Chang stated, “We look forward to contributing to the economic development of both Korea and India alongside JSW Group and leading the transition to an eco-friendly era. To overcome economic bloc formation and secure a substantial competitive advantage, we will actively pursue group-level future growth investments, such as expanding overseas investments centered on upstream and midstream steel processes.”
POSCO already has facilities in India and the company had earlier canceled a major investment project in Odisha. It had also signed a USD 5 billion deal with Indian tycoon Gautam Adani in 2022 to build a new steel plant in Gujarat.
JSW Steel plans to invest USD 1 billion in line with its decarbonization goals. The company aims to be carbon neutral by 2050 and reduce CO2 emissions by 42% by 2030.
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