TV
JSW Steel Limited, in collaboration with South Korean steelmaker POSCO, is set to establish a 5 million tonnes per annum (MTPA) integrated steel plant in the Keonjhar district.
The project, with an investment of approximately Rs 40,000 crore, was announced recently by Odisha Chief Minister Mohan Charan Majhi.
JSW Steel's Plant Details
The proposed steel facility will be located in the Patna area of the Keonjhar district, a region rich in iron ore reserves.
The plant aims to produce a range of steel products, including hot-rolled, cold-rolled, and galvanized steel, catering to diverse sectors such as construction, automotive, and infrastructure.
Investment and Economic Impact
The joint venture between JSW Steel and POSCO represents a significant investment in Odisha's industrial sector.
Beyond the initial Rs 40,000 crore for the Keonjhar plant, additional steel industries are planned across the district, pushing the total investment beyond Rs 1 lakh crore, pushing the region's potential as a steel production hub.
The project is expected to have a profound impact on Odisha's economy:
Employment Generation: The steel plant is anticipated to create approximately 8,000 direct jobs, encompassing roles from unskilled labor to skilled technical positions.
Ancillary Industries: The plant's operations are likely to stimulate the growth of ancillary industries, including logistics, maintenance, and supply chain services, further boosting local employment and business opportunities.
Infrastructure Development: The substantial investment is expected to enhance local infrastructure, including transportation networks and utilities, facilitating broader regional development.
Insights from the 'Utkarsh Odisha-Make in Odisha Conclave'
During the 'Utkarsh Odisha-Make in Odisha Conclave,' held on January 28, 2025, JSW Group signed a Memorandum of Understanding (MoU) with the Odisha government to establish this 5 MTPA steel plant.
In addition to this, the following boosts to Odisha’s industries were also added during the conclave:
Vedanta Limited: Announced a Rs 1 lakh crore investment to establish a 6 MTPA alumina refinery, a 3 MTPA green aluminum plant, and an aluminum park in Rayagada.
Jindal Steel and Power (JSP): JSP unveiled plans to expand its Angul steel plant to 25 MTPA by 2030, with an investment of Rs 70,000 crore.
Indian Oil Corporation (IOC): Committed Rs 61,000 crore towards a naphtha cracker project in Paradip, enhancing the state's petrochemical infrastructure.
Renewable Energy Initiatives: Proposals for floating solar plants and pumped hydro-storage systems were introduced, with combined investments of Rs 18,000 crore, aiming to bolster Odisha's renewable energy capacity.
Meanwhile, the collaboration between JSW Steel and POSCO to establish a mega steel plant in Keonjhar is poised to contribute significantly to the state's economic growth and position it as a key player in India's steel industry.
