The agreement signifies a major step toward strengthening strategic ties between the two leading global steelmakers. This HoA builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture.
As part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalize the plant’s location, investment terms, resource availability, and other critical factors. Given its natural resource base and logistical advantages, Odisha is among the key locations being considered.
Jayant Acharya, Joint Managing Director & CEO, JSW Steel, said, “This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking. The proposed venture aligns with India’s vision of Atmanirbhar Bharat and will help create a globally competitive manufacturing hub to serve both domestic and export markets.”
Lee Ju-tae, Representative Director and President, POSCO Holdings, added, “India is central to the future of global steel demand. Our collaboration with JSW is based on mutual trust and a shared long-term vision. This initiative represents our commitment to supporting India’s industrial growth while creating long-term value for both organizations.
JSW Steel is the flagship business of the diversified, US$ 23 billion JSW Group. As one of India's leading business houses, JSW Group also has interests in energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports, and venture capital.
The company reported a 158.46% year-on-year (YoY) increase in consolidated net profit to Rs 2,209 crore for the quarter ended 30 June 2025, compared to Rs 867 crore in the corresponding period last year. Revenue from operation rose 0.47% year on year to Rs 43,147 crore in the quarter ended 30 June 2025.