"Korea and India's Top Steel Companies Join Hands"... POSCO Begins Construction of '6 Million Ton Mega Steel Plant' in India

[Financial News] POSCO announced on the 18th that it has signed a Heads of Agreement (HOA) with JSW Group, India's No. 1 steel company, and finalized the core details of the business, including share structure, site, and production capacity.
The steel plant will be located in Odisha, based on abundant resources such as iron ore in India, and the two companies will establish a strategic partnership with equal shares of 50:50.
The increased crude steel production scale, higher than initially planned, is also noteworthy. Although it was discussed at the level of 5 million tons during the Memorandum of Understanding (MOU) last year, the possibility of market expansion increased as steel consumption in India grew by an average of 9-10% annually over the past three years, leading to an expansion to 6 million tons.
The two companies plan to strengthen collaboration by establishing a regular exchange meeting in which top executives directly participate.  
Joo-Tae Lee, President of POSCO Holdings, said, "The partnership built on the long-standing trust relationship between POSCO Group and JSW Group has led to the construction of an integrated steel plant in India," adding, "We will strive to ensure that the collaboration between Korea and India's top steel companies can contribute to the creation of future value as well as the development of industries in both countries."
This investment in India is an extension of the 'Rebuilding Steel Competitiveness' strategy being pursued under the leadership of Chairman In-Hwa Jang. POSCO is accelerating upstream investment and localization, focusing on North America and India.
Meanwhile, POSCO is concentrating on advanced technologies such as hydrogen reduction steelmaking and AI-based smart factories in Korea. In April, it also announced a joint investment plan for a steel plant in Louisiana, USA, with Hyundai Motor Group.  moving@fnnews.com Dong-Hyuk Lee