JSW and POSCO Forge Alliance for Sustainable Steel and Energy Innovations in India

JSW Group and POSCO Group have agreed to co-develop a state-of-the-art steel plant in India, targeting a 5 million tonnes annual capacity. The partnership will explore synergies in battery materials and renewable energy, leveraging each entity's expertise to address India's growing steel and sustainability demands.

In a significant development for the Indian steel industry, JSW Group has signed a Memorandum of Understanding (MoU) with South Korea's POSCO Group to construct a high-tech, integrated steel facility with an initial production capacity of 5 million tonnes per annum (MTPA). This agreement will establish a collaborative framework focusing on steel production, battery materials, and renewable energy.

The collaboration is timely, given India's robust economic growth that has driven steel demand beyond its GDP growth. Amid a global shift towards sustainable energy, the MoU aligns perfectly, combining efforts in both renewable energy and the electric vehicle (EV) sectors. Beyond steel production, JSW and POSCO will explore synergies in battery materials, vital for the burgeoning EV market, and sustainable energy to power the steel plant.

JSW's vast project execution experience, coupled with POSCO's technological advancements, is poised to deliver innovative solutions tailored to India's needs. The MoU ceremony in Mumbai was attended by key officials from both companies, including JSW Chairman Sajjan Jindal and POSCO Chairman Chang In-hwa. The partnership not only bolsters India's steel manufacturing capabilities but also strengthens economic ties with South Korea, pushing forward shared sustainability goals.

(With inputs from agencies.)