POSCO Holdings Inc. (PKX), a South Korean steel-making company, on Monday announced that signed a non-binding Heads of Agreement with JSW Steel Ltd. (JSWSTEEL.NS) to jointly consider building a 6 million tonnes per annum integrated steel plant in India.
The deal strengthens strategic ties between the two global steel leaders.
The Heads of Agreement or HoA, follows the Memorandum of Understanding signed in October 2024 and sets out the broad framework for a proposed 50:50 joint venture.
The joint venture was signed in Mumbai in the presence of Lee Ju-tae, Representative Director and President of POSCO Holdings, and Jayant Acharya, Joint Managing Director and CEO of JSW Steel.
As the next step, POSCO and JSW will conduct a detailed feasibility study to determine the plant's location, investment structure, resource requirements, and other key factors. Odisha, with its resource base and logistical advantages, is one of the prime sites under consideration.
POSCO is currently trading, 1.30% lesser at KRW 303,500 on the Korean Stock Exchange. JSW Steel is currently trading, 2.42% higher at 1,070.80 on the NSE.
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