JSW Steel of India and POSCO of South Korea have announced a joint venture to invest ₹650 billion (approximately $7.7 billion) in constructing a state-of-the-art steel plant in Odisha, eastern India. According to Reuters, the new facility will initially boast an annual production capacity of 5 million tons of steel.
This agreement was formalized last week, with an initial investment of ₹200 billion earmarked for the project. The plant is expected to commence operations next year, with an ambitious expansion to 18 million tons per year within three years, aiming for a total investment of $7.73 billion.
Production and Decarbonization Goals
The Odisha plant will primarily produce hot-rolled, cold-rolled, and galvanized steel products to meet the rising demand in India’s steel market. As part of its environmental strategy, JSW Steel has committed $1 billion towards decarbonization upgrades in this new facility, helping the company progress toward its 2050 carbon neutrality target. By 2030, JSW aims to cut its carbon dioxide emissions by 42%, aligning with global sustainability goals.
