JSW Steel, India’s leading steel producer, and South Korea’s POSCO Group, a global industry leader, have signed a non-binding Heads of Agreement (HoA) to jointly evaluate setting up a 6 million tonnes per annum (MTPA) integrated steel plant in India.

The HoA, signed in Mumbai, builds on the Memorandum of Understanding (MoU) entered in October 2024 and outlines the framework for a proposed 50:50 joint venture. The signing took place in the presence of Mr. Lee Ju-tae, Representative Director & President of POSCO Holdings, and Mr. Jayant Acharya, Joint Managing Director & CEO of JSW Steel.

As next steps, both companies will conduct a detailed feasibility study covering investment terms, project location, resource availability, and other key factors. Odisha, with its rich resource base and logistical strengths, is among the leading options under consideration.