JSW Steel and South Korea’s POSCO have signed a joint venture agreement to establish a 6 MTPA greenfield steel plant in Odisha. The partnership, which creates a 50:50 joint venture through JSW subsidiary Saffron Resources, aims to leverage POSCO’s technological expertise in high-grade flat steel and JSW’s cost leadership. The project is expected to be operational by 2031 and will include integration with POSCO’s existing 1.8 MTPA downstream facility in Pune.
Advancing Strategic Collaboration
Following an initial Memorandum of Understanding signed in October 2024 and a Heads of Agreement in July 2025, JSW Steel and POSCO have finalized their joint venture. On April 20, 2026, the two industry leaders executed a Share Subscription and Joint Venture Agreement to formalize their partnership. This collaboration is designed to combine POSCO’s innovative steel technologies with JSW’s strong local project execution capabilities.
Project Details and Market Impact
The proposed integrated facility will feature advanced steelmaking, hot rolling, and cold rolling/coating processes. With the land for the project already secured, the plant will focus on manufacturing high-grade flat steel products, primarily targeting the automotive sector. This strategic move grants POSCO direct access to India’s high-growth steel market while providing JSW with technical synergies to enhance its product portfolio. The companies anticipate the project will become fully operational by 2031.
Leadership Vision
Mr. Jayant Acharya, Joint Managing Director & CEO of JSW Steel, highlighted that the partnership is a significant step toward strengthening India’s industrial value chain and fostering long-term growth. Mr. Lee Hee-geun, President of POSCO, emphasized that the venture represents a commitment to both future value creation and the ongoing industrial development of both nations. The transaction remains subject to necessary regulatory approvals.
Source: BSE
