Bhubaneswar, Aug 19: In a major boost to Odisha’s industrial landscape, JSW Steel and South Korea’s POSCO Group have signed a Heads of Agreement (HoA) to jointly explore the establishment of a 6 million tonnes per annum (MTPA) integrated steel plant in the state.

The proposed venture marks a significant milestone in India’s steel sector, combining JSW’s domestic execution strength with POSCO’s global technological expertise. The plant is likely to be located in Keonjhar district, a mineral-rich region with strong logistical advantages.

The partnership builds on a Memorandum of Understanding signed in October 2024, and aligns with India’s ‘Atmanirbhar Bharat’ vision. The plant will serve both domestic and export markets, positioning Odisha as a globally competitive steel manufacturing hub.

Commenting on the development, Jayant Acharya, Joint MD & CEO of JSW Steel, said, “This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking.”

POSCO’s Lee Ju-tae 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.”

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Odisha’s industry-friendly policies and renewed investor confidence under the new government have made it a preferred destination for mega projects. Sampad Chandra Swain, Minister of State (Independent Charge) for Industries, said that the land acquisition process is already underway, and the state government has assured full cooperation to the joint venture.

This development also revives memories of POSCO’s earlier $12 billion proposal for a 12 MTPA plant in Jagatsinghpur, which was shelved in 2017 due to land and regulatory hurdles. The fresh pact signals a renewed commitment to Odisha’s industrial growth.