Industry Odisha Bureau, April 21: In a major boost to FDI in Odisha, JSW Steel and POSCO have announced to set up an Integrated Steel Plant in Odisha’s Dhenkanal district with a capacity of 6 Million Tons per Annum (MTPA). JSW Group (JSW), one of India’s fastest-growing conglomerates, signed a Memorandum of Understanding (MoU) with Korea’s POSCO Group (POSCO) in this regard in New Delhi yesterday.
“A new milestone in India’s growing steel ecosystem. JSW Steel and POSCO have signed the joint venture agreement at the India-Korea Business Summit in New Delhi, in the presence of senior leadership from both organisations and government representatives,” the JSW Group said in a X post.
The proposed 6 MTPA integrated steel plant will come up in Dhenkanal, Odisha, with land for the project already secured, it said. Once completed, the facility will produce high-grade flat steel for automotive and other diverse sectors. This joint venture marks a step that strengthens India’s steel sector for the years ahead, the company said.
JSW Steel, India, and South Korea’s POSCO, both leaders in steel production globally, have signed a joint venture agreement for setting up a 6 mtpa greenfield steel plant in the State.
The agreement marks a significant step towards deepening strategic collaboration between two of the world’s most respected steel companies. The announcement was made at the India-Korea Business Forum in New Delhi, in the august presence of Piyush Goyal, Union Minister of Commerce & Industry, Jung-Kwan Kim, Minister of Industry, Trade and Resources of the Republic of Korea, Sajjan Jindal, Chairman, JSW Group and Chang In-Hwa, Chairman, POSCO and senior executives from both companies.
JSW and POSCO have steadily built their collaborative foundation through an MoU in October, 2024 and a Heads of Agreement in July, 2025, which has now been fortified with the signing of this joint venture agreement.
“The proposed integrated steel project of 6 MTPA will comprise steelmaking, hot rolling, and cold rolling/coating processes. The land for the project has already been secured,” the steel company said in a statement.
The project, once commissioned, will be capable of manufacturing high-grade flat steel products for automotive and other applications. Leveraging on POSCO’s technological expertise, the joint venture’s product portfolio will complement that of JSW and provide new product opportunities in India.
The project gives POSCO access to India’s high growth market and will be operational by 2031. The joint venture aims to leverage the integration with POSCO’s 1.8mtpa downstream unit in Pune, Maharashtra, to drive significant synergies, it said.
The joint venture will deepen strategic ties between the two companies, and set the stage for future collaborations. The completion of the transaction is subject to receipt of regulatory approvals.
Jayant Acharya, Joint Managing Director & CEO, JSW Steel, said, “This joint venture with POSCO reflects our strong belief in India’s long-term growth story. The partnership will ensure alignment of our vision and commitment, while leveraging POSCO’s technological expertise and JSW’s strengths in project execution and cost leadership. We see this as a significant step towards strengthening India’s steel ecosystem and supporting the nation’s industrial value chain.”
Commenting on the partnership, Lee Hee-geun, President of POSCO, said, “Through this joint venture, we will do our utmost to combine POSCO’s innovative steel technology with JSW Group’s strong local competitiveness, making a meaningful contribution not only to future value creation but also to the industrial development and economic growth of both nations.”
