JSW Steel share price surged as much as 2 per cent to ₹1,067.60 apiece in Monday’s trading session after the company signed an agreement with POSCO Group.
JSW Steel stock has remained in green despite volatility in Indian stock market. The stock has gained nearly 8.89 per cent in six months and over 16 per cent in one year.
JSW Steel agreement with POSCO Group
On Monday, the company announced that it has signed a non-binding Heads of Agreement (HoA) with South Korea’s POSCO Group to set up a 6 million tonnes per annum (MTPA) integrated steel plant in India.
“The agreement marks a significant step toward deepening strategic collaboration between two of the world’s most respected steel companies,” the company said in the filing.
This HoA builds on the Memorandum of Understanding (MoU) signed by both parties in October 2024 and outlines the broad framework for the proposed 50:50 joint venture. The HoA was signed in Mumbai in the presence of Mr. Lee Ju-tae, Representative Director and President, POSCO Holdings, and Mr. Jayant Acharya, Joint Managing Director & CEO, JSW Steel.
“This partnership brings together JSW’s proven execution capabilities and strong domestic footprint with POSCO’s technological leadership in steelmaking. The proposed venture aligns with India’s vision of Atmanirbhar Bharat and will help create a globally competitive manufacturing hub to serve both domestic and export markets,” said Jayant Acharya, Joint Managing Director & CEO, JSW Steel.
As part of the next steps, JSW and POSCO will undertake a detailed feasibility study to finalize the plant’s location, investment terms, resource availability, and other critical factors.
“India is central to the future of global steel demand. Our collaboration with JSW is based on mutual trust and a shared long-term vision. This initiative represents our commitment to supporting India’s industrial growth while creating long-term value for both organizations,” said Lee Ju-tae, Representative Director and President, POSCO Holdings.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
