JSW Steel reports that it has agreed with South Korea's Posco Group to investigate the potential of collaboratively establishing a 6 million tonnes per annum (MTPA) integrated steel facility in India.

The Indian steel manufacturer, together with its global counterpart, stated that the HoA expands on the Memorandum of Understanding (MoU) executed by both sides in October of the previous year and delineates the general structure for the suggested 50:50 joint venture. The agreement represents an important advancement in enhancing strategic cooperation between two of the globe's most esteemed steel firms.

The HoA was executed in Mumbai with Lee Ju-tae, Representative Director and President of POSCO Holdings, and Jayant Acharya, Joint Managing Director & CEO of JSW Steel, in attendance.

Following the signing of the HoA, JSW and Posco will carry out an in-depth feasibility analysis to determine the plant's site, investment conditions, resource accessibility, and other essential elements. Odisha is regarded as one of the important sites because of its natural resource foundation and logistical benefits.

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JSW Steel CEO and Joint Managing Director Jayant Acharya says, "This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking. The proposed venture aligns with India’s vision of Atmanirbhar Bharat and will help create a globally competitive manufacturing hub to serve both domestic and export markets."

POSCO Holdings Representative Director and President Lee Ju-tae meanwhile says, "India is central to the future of global steel demand. Our collaboration with JSW is based on mutual trust and a shared long-term vision. This initiative represents our commitment to supporting India’s industrial growth while creating long-term value for both organizations."

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In early October of the previous year, the two firms signed a memorandum of understanding to establish an integrated steel plant in India. with an initial capacity of 5 million tonnes annually, as well as intentions to investigate battery materials and renewable energy sectors in India.

JSW Steel and South Korea's POSCO aim to invest Rs.65,000 crores in their planned facility in India in the years ahead, according to reports.