JSW Steel and POSCO Forge Path to Mega Steel Plant in India
JSW Steel and South Korea's POSCO Group are collaborating to explore a 6 million tonnes per annum steel plant in India. They have signed a non-binding agreement and will undertake a feasibility study. The project aligns with India's Atmanirbhar Bharat vision, aiming at a competitive manufacturing hub.
- Country:
- India
In a major development for India's steel industry, JSW Steel and South Korea's POSCO Group have announced plans to jointly explore the creation of a 6 million tonnes per annum steel plant in the country.
The companies have signed a non-binding Heads of Agreement and intend to conduct a comprehensive feasibility study to decide the plant's location and investment specifics. Odisha is under consideration due to its resource abundance and strategic advantages.
This venture, stemming from an earlier Memorandum of Understanding, underscores mutual commitment to leveraging JSW's market influence and POSCO's technological prowess to boost India's global manufacturing footprint.
(With inputs from agencies.)
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