JSW Steel shares rose by up to 2% to ₹1,067.60 on Monday after the company signed a significant agreement with South Korea’s POSCO Group. Despite market volatility, JSW Steel has remained strong, gaining around 8.89% over the past six months and over 16% in a year.
The company announced it had entered into a non-binding Heads of Agreement (HoA) with POSCO to establish a 6 MTPA integrated steel plant in India. This builds on an MoU signed in October 2024 and outlines the structure of a proposed 50:50 joint venture. The HoA was signed in Mumbai by POSCO President Lee Ju-tae and JSW Steel’s Joint MD & CEO, Jayant Acharya.
Acharya emphasized that the partnership combines JSW’s operational strength with POSCO’s advanced steelmaking technology and aligns with India’s ‘Atmanirbhar Bharat’ vision. A detailed feasibility study will now follow to determine location, investment, and resources. POSCO’s Lee Ju-tae highlighted India’s key role in global steel demand and reaffirmed the venture’s long-term value creation goals.