JSW Steel and South Korea’s POSCO are set to invest Rs 650 billion (~$7.73 billion) in a new steel plant in Odisha, India, aiming to harness the country’s booming steel demand driven by rapid economic growth. The facility will initially produce 5 million tons of steel annually, with an investment of Rs 200 billion and an expected operational launch next year. Over the next three years, the plant’s capacity is planned to increase to 18 million tons per year, reaching the full $7.73 billion investment.
India’s steel market has seen record demand, fueled by infrastructure projects and corporate expansions. Between April and August, demand surged to its highest in seven years. This new Odisha plant will manufacture hot-rolled, cold-rolled, and galvanized steel.
For POSCO, this venture is a renewed push to establish a major presence in India, following a previously shelved $12 billion project due to land acquisition challenges. Meanwhile, JSW Steel is also advancing its decarbonization strategy, with plans to invest $1 billion to reduce emissions by 42% by 2030 and achieve carbon neutrality by 2050. The company recently expanded its coal reserves by acquiring a 67% stake in Australian coal firm M Resources for $120 million.
 in an Odisha plant, scaling output from 5 to 18 million tons.){kind=link}