POSCO PKX has signed a non-binding Heads of Agreement (HoA) with JSW Steel to explore setting up a 6 million tons per annum (MTPA) integrated steel plant in India. The leading steelmakers from South Korea and India joined forces to combine POSCO’s advanced steelmaking technology with JSW’s strong presence in the Indian market.
The HoA lays out the framework for a proposed strategic 50:50 joint venture. The companies have agreed to undertake a detailed feasibility study to decide the plant’s location, investment structure and resource requirements. Odisha is considered a preferred site given its natural resource base and logistical advantages, although subject to feasibility and approvals. Aimed at combining POSCO’s advanced technology with JSW’s large-scale operational capabilities, the move will boost India’s self-reliance agenda.
The leadership of POSCO and JSW Steel highlighted India’s significant position in the future steel industry. POSCO intends to support the industrial growth and the partnership’s alignment with India’s self-reliance vision. Together, the companies aim to create long-term value and a globally competitive manufacturing hub to serve both domestic and export markets.
PKX stock has lost 15.7% over the past year compared with the industry’s 19.2% decline.
