JSW Steel, Posco in 50:50 JV for steel plant

JSW Steel, the flagship company of the Sajjan Jindal Group, and South Korea's Posco will have an equal share in the proposed steel venture in India with an initial capacity of 5 million tonnes per annum (mtpa).

- ISHITA AYAN DUTT

On Tuesday, the JSW Group and Posco announced a collaboration in steel, battery materials, and renewable energy in India. The renewable energy is for captive use of the steel plant.

Jayant Acharya, joint managing director and chief executive officer of JSW Steel, told Business Standard that the cooperation would bring two major steel producers together.

"A 50:50 joint venture between JSW Steel and Posco will set up a 5 million tonne per annum (mtpa) steel plant in India, bringing together Posco's technical excellence and our project execution and management capabilities," Acharya said. He said the axis of steel production has shifted to the East with Japan, South Korea, India and China accounting for more than 70 per cent of world steel production.