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South Korea’s POSCO Group and India’s largest private steel company, JSW Group, signed a non-binding framework agreement (HOA) last week, injecting new momentum into their joint venture steel plant project in India, which they announced last October.
The agreement confirms that both parties will each hold a 50% stake in the joint venture (consistent with the investment ratio announced last October),X46 steel, but the initial crude steel capacity of the proposed steel plant has been increased from the previously announced 5 million tons/year to 6 million tons/year.
Following the signing of the agreement on August 18, both parties issued a joint statement saying, "The next step for POSCO and JSW will be to conduct a detailed feasibility study to finalize the factory location, investment terms, resource availability, and other key factors." Although not legally binding,X46 steel, the agreement stipulates exclusive negotiation rights and formally establishes commercial confidentiality clauses.
According to Mysteel Global, the two companies signed a Memorandum of Understanding (MoU) on October 21 last year, covering areas such as steel, rechargeable battery materials, and renewable energy.
However, details regarding the construction and production schedule of the new plant, the technologies to be used, and the main product types have not yet been disclosed. X46 steel,Although Indian and South Korean media had previously reported that Odisha in eastern India had been officially selected as the plant site, the latest statement from both parties only indicated that "Odisha is one of the key areas considered for the project site selection due to its natural resources and logistical advantages."
