TV
Odisha Industries Minister Sampad Chandra Swain on Tuesday stated that South Korean steel giant POSCO, in collaboration with JSW Steel, will set up a 6 million tonnes per annum (MTPA) integrated steel plant in Keonjhar district.
He assured that the state government remains fully committed to the project and has fast-tracked resource allocation.
Minister Shares Details About Landmark Project
Minister Swain, in an interaction with the media, stated that with the formation of the new government, Odisha has regained the trust of major investors.
He shared that JSW had signed an MoU with the Odisha government for establishing a 6 MTPA steel plant at Keonjhar during the Utkarsh Odisha: Make In Odisha Conclave, held earlier this year.
The project was subsequently approved by a High-Level Clearance Authority (HLCA) led by CM Mohan Majhi. As of the latest developments, land acquisition has been fast-tracked, and JSW is taking steps towards the construction of the plant.
Regarding the JSW-POSCO joint venture, we are fully prepared to facilitate the project. Many industries are now turning towards Odisha, thanks to the Chief Minister’s leadership and our industry-friendly policies,” he said.
Strategic Collaboration Between JSW and POSCO
The project stems from a non-binding Heads of Agreement (HoA) signed between JSW Steel and POSCO to jointly explore establishing the plant. Both companies will conduct a detailed feasibility study to finalise the exact site, investment structure, and resource allocation.
The partnership is expected to be a 50:50 joint venture, leveraging JSW’s domestic execution strengths with POSCO’s globally acclaimed steelmaking technology. Company representatives have emphasised that the initiative aligns with India’s Atmanirbhar Bharat vision, aiming to make Odisha a globally competitive steelmaking hub.
A Revival of POSCO’s Odisha Journey
The development also revives memories of POSCO’s earlier USD 12 billion project in Jagatsinghpur, once hailed as India’s largest FDI proposal. That plan was scrapped in 2017 following land acquisition hurdles and local resistance.
If realised, the Keonjhar facility would add significantly to JSW Steel’s existing 35.7 MTPA capacity, expected to rise to 43.4 MTPA within three years. POSCO, which produces about 42 million tonnes of crude steel annually across multiple continents, brings unmatched technological and operational expertise to the table.
