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POSCO Group has signed a final agreement with JSW Steel to jointly invest 10.7 trillion won ($7.3 billion) to build a steel plant

in Business, State News April 20, 2026 Comments Off on POSCO Group has signed a final agreement with JSW Steel to jointly invest 10.7 trillion won ($7.3 billion) to build a steel plant 583 Views

Seoul: 20/4/26:South Korea’s POSCO Group said on Monday it has signed a final agreement with India’s JSW Steel to jointly invest 10.7 trillion won ($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, reports Yonhap news agency.

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.”

Earlier, South Korean President Lee Jae Myung said he and Prime Minister Narendra Modi agreed to cooperate on stabilising energy supply chains to better navigate uncertainties stemming from the war in the Middle East.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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