JSW and POSCO Sign MoU to Build 5 MTPA Integrated Steel Plant in India

29 Oct 2024 , 10:29 PM

JSW Group has signed a Memorandum of Understanding (MoU) with South Korea’s POSCO Group to establish an integrated steel plant in India, initially set to produce 5 million tonnes per annum (MTPA).

This strategic partnership aims to address the increasing demand for steel in India, which is growing at a rate that outpaces the country’s GDP.

In addition to steel production, the MoU emphasizes collaboration in battery materials, supporting the expansion of electric vehicles (EVs), and renewable energy projects to meet the captive power needs of the integrated steel plant.

JSW Steel highlighted that its manufacturing expertise and project execution skills, combined with POSCO’s technological advancements, will lead to innovative and sustainable solutions for the Indian steel and energy sectors.

Sajjan Jindal, Chairman of JSW Group, stated that this MoU represents a crucial advancement in contributing to the Indian steel industry and reflects JSW’s commitment to sustainable growth.

POSCO Chairman Chang In-hwa expressed that the collaboration will significantly impact the economic development of both countries while promoting eco-friendly and sustainable practices. The MoU was formalized at JSW’s corporate headquarters in Mumbai, with both chairmen and senior executives from both firms present to witness the signing.