Overview
- POSCO and JSW Steel signed a joint venture agreement in India to build an integrated steel plant with equal ownership and a planned capacity of 6 million tonnes a year.
- The partners put the project cost at 10.7 trillion won (about $7.3 billion), with POSCO committing roughly 5.3 trillion won as part of the investment plan.
- The Odisha facility will use a blast furnace-based system that covers ironmaking through hot and cold rolling and galvanizing to produce higher-value steel grades.
- The site was chosen for proximity to iron ore and access to logistics, power and other infrastructure, which can cut transport costs and speed deliveries to customers.
- The companies said they aim to combine POSCO’s low-carbon and smart-factory technologies with JSW’s renewable energy assets, aligning with India’s 2024 Green Steel Taxonomy, after earlier social media announcements framed the venture as advancing Make in India and following POSCO’s prior attempts to scale up in the country.