JSW Steel and POSCO Ink Joint Venture for 6 MTPA Integrated Steel Plant in Odisha
New Delhi, April 20, 2026: JSW Steel India and South Korea’s POSCO Group have formalized a strategic collaboration by signing a joint venture agreement to establish a 6 MTPA greenfield integrated steel plant in the state of Odisha. This partnership between two major global steel producers aims to deepen their strategic ties within India's industrial sector.The announcement was made at the India-Korea Business Forum in New Delhi, and was attended by Shri Piyush Goyal, Hon'ble Minister of Commerce & Industry, Government of India, H.E. Mr. Jung-Kwan Kim, Hon'ble Minister of Industry, Trade and Resources of the Republic of Korea, Mr. Sajjan Jindal, Chairman, JSW Group, and Mr. Chang In-Hwa, Chairman, POSCO.
Strengthening the Strategic Alliance
The joint venture agreement solidifies a relationship that began with an MoU in October 2024 and progressed through a Heads of Agreement in July 2025. The proposed integrated steel project will encompass steelmaking, hot rolling, and cold rolling/coating processes. Land for the project has already been secured, positioning the venture to manufacture high-grade flat steel products for the automotive and other applications.The facility is expected to be operational by 2031. Beyond the Odisha plant, the joint venture intends to leverage integration with POSCO's existing 1.8 MTPA downstream unit in Pune, Maharashtra, to generate significant synergies. The venture also aims to complement JSW’s product portfolio by incorporating POSCO’s advanced technological expertise, thereby opening new product opportunities in the Indian market.
Speaking at the event, Mr. Jayant Acharya, Joint Managing Director & CEO, JSW Steel, stated, "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."
Mr. Lee Hee-geun, President, POSCO, added, "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."
Company Overviews
JSW Steel LtdJSW Steel operates as the flagship business of the diversified JSW Group, a US$ 23 billion conglomerate with interests spanning energy, infrastructure, cement, and more. JSW Steel has grown to become India's leading integrated steel company.
| Metric | Figure |
|---|---|
| Consolidated Crude Steel Capacity | 35.9 MTPA (including 1.5 MTPA in US) |
| Domestic Crude Steel Capacity | 34.4 MTPA |
| Next Phase Target Capacity | 43.4 MTPA (over the next three years) |
POSCO Group
POSCO Group is a leading industrial entity in South Korea. The POSCO (Steel Division) is recognized as one of the world's top steelmakers, boasting an annual crude steel production capacity of approximately 42 million tonnes. POSCO has built a global business network, operating integrated steelworks in Pohang and Gwangyang in Korea. The company has been ranked No. 1 in the 'World's Most Competitive Steelmaker' assessment by World Steel Dynamics (WSD) for 15 consecutive years. The group is also actively developing HyREX hydrogen reduction steelmaking technology and pursuing a transition to achieve netzero carbon emissions by 2050.
JSWSTEEL Stock Price Movement
JSW Steel Limited shares today edged higher, closing at ₹1274.5, following a strong rally that represented a 2.80% gain. The stock settled on robust trading volume of 4.61 million shares, keeping it near its 52-week high mark of ₹1284.7.Source:
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