JSW Steel, POSCO to Set Up 6 MTPA Steel Plant in Odisha by 2026

New Delhi: In a major boost to the Centre’s ‘Make in India’ initiative, JSW Steel and POSCO on Sunday announced plans to form a 50-50 joint venture to establish a 6 million tonnes per annum (MTPA) integrated steel plant in Odisha by the end of 2026.

The announcement was made by Kyunghoon Kim on social media platform X, just ahead of a high-level summit between India and South Korea.

Describing the development as a significant milestone, Kim said the partnership reflects growing industrial cooperation between the two nations and highlights the role of Korean companies in advancing India’s manufacturing ambitions.

The proposed steel plant is expected to strengthen domestic production capacity while fostering advanced technology collaboration between Indian and Korean firms. It also aligns with India’s broader strategy to position itself as a global manufacturing hub and reduce dependence on imports in key sectors such as steel.

The announcement gains significance as South Korean President Lee Jae Myung is scheduled to arrive in New Delhi for a two-nation visit, which will also include Vietnam. During his visit, Lee is expected to hold talks with Prime Minister Narendra Modi, marking their third in-person meeting after earlier interactions at global forums.

The summit is likely to focus on expanding cooperation in sectors such as shipbuilding, maritime industries, artificial intelligence, and defence. Discussions are also expected to address global energy supply chain challenges amid ongoing geopolitical tensions.

Officials said strengthening economic ties and supporting Korean businesses operating in India will remain key priorities during the visit.

India continues to emerge as a key production hub and a fast-growing consumer market for South Korean companies, particularly in sectors like electronics, automobiles, and heavy industries.