New Delhi: In a significant boost to India’s expanding steel sector, JSW Steel and POSCO have signed a joint venture agreement to set up a 6 million tonnes per annum (MTPA) integrated steel plant in Dhenkanal.
The agreement was formalized at the India-Korea Business Summit held in New Delhi, in the presence of senior leadership from both companies and government representatives.
According to official sources, land for the proposed project has already been secured, paving the way for early commencement of development activities. Once operational, the facility will focus on producing high-grade flat steel, catering primarily to the automotive sector and other key industries.
Industry experts believe the joint venture will enhance India’s manufacturing capabilities, strengthen domestic steel production, and reduce dependency on imports for specialized steel products.
The collaboration between JSW Steel and POSCO is being seen as a strategic move that not only brings advanced technology and expertise but also reinforces India’s position as a global steel hub.
The project is expected to generate employment opportunities in the region and contribute significantly to the economic growth of Odisha.