POSCO, JSW Steel Sign $7.3 Bln Deal to Build 6 Million-Ton Steel Plant in India

SEOUL, April 20 (Yonhap) -- South Korea's POSCO Group said Monday it has signed a final agreement with India's JSW Steel to jointly invest 10.7 trillion won (US$7.3 billion) to build a steel plant in India, as part of its strategy to establish a production hub in the South Asian country and strengthen its global supply chain. The two companies signed a joint venture agreement in India, attended by POSCO Group Chairman Chang In-hwa and JSW Steel Chief Executive Officer (CEO) Jayant Acharya, according to POSCO Group. Under the agreement, POSCO and JSW Steel will each hold a 50 percent stake in the project to build an integrated steel mill encompassing the entire production process at a single site. POSCO will invest about 5.3 trillion won in the project. The plant, with an annual capacity of 6 million tons, will be built in Odisha, eastern India, with completion targeted for 2031. POSCO and JSW Steel previously signed a memorandum of understanding in 2024 and a nonbinding heads of agreement last year for the project. "Through this joint investment, we will combine POSCO's innovative steel technology with JSW Group's strong local competitiveness," POSCO CEO Lee Hee-geun said. "We will also strive to create future value, and contribute to the industrial development and economic growth of both countries."