The agreement builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024 and sets out the general framework for the proposed 50:50 joint venture. The signing ceremony took place in Mumbai with the participation of Lee Ju-tae, Representative Director and President of POSCO Holdings, and Jayant Acharya, Joint Managing Director and CEO of JSW Steel.
As part of the next steps, POSCO and JSW will conduct a detailed feasibility study to determine the plant’s location, investment conditions, resource availability, and other critical factors. Odisha is being considered among the leading locations due to its natural resource wealth and logistical advantages.
Commenting on the agreement, Lee Ju-tae, Representative Director and President of POSCO Holdings, said: “India occupies a central position in the future of global steel demand. Our collaboration with JSW is built on mutual trust and a shared long-term vision. This initiative reflects our commitment to supporting India’s industrial growth while creating long-term value for both organizations.”
Jayant Acharya, Joint Managing Director and CEO of JSW Steel, stated: “This partnership combines POSCO’s technological leadership in steelmaking with JSW’s proven execution capabilities and strong local presence. The proposed venture aligns with India’s Atmanirbhar Bharat vision and will contribute to building a globally competitive manufacturing hub serving both domestic and export markets.”
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