India: JSW Steel joins hands with POSCO for 6 mnt integrated steel plant in Odisha

• New mill expected to be completed by 2031
  
  
• Mill to have hot and cold rolling plus plate production units
  
  

Japan Metal Daily: JSW Steel announced at its board meeting on 17 April 2026 that it approved the establishment of its wholly-owned subsidiary, Saffron Resources, which owns 887 acres (about 3.6 million square metres) of land in Dhenkanal, Odisha, into a joint venture with POSCO of South Korea. The joint venture plans to build a new steel plant with an annual production capacity of 6 million tonnes (mnt), and Saffron's property may be used in the greenfield project.

In August last year, JSW and POSCO signed a non-binding agreement on condition through a joint venture in which both companies each invest 50% to establish a new steel plant in Odisha. Saffron Resources has secured 887 acres of land, including 292 acres of leased land, and JSW purchased all shares for about INR 7 billion (over $75 million) last summer. The amount of the share transfer to POSCO and POSCO India this time is INR 5.088 billion (more than $54 million).

The new steel mill consists of a process of hot rolling, cold rolling, and plating, and is expected to be completed in 2031 after a four-year construction period.

JSW has set a goal of increasing crude steel production capacity to 50 mnt per year by the fiscal year ending March 2031. In Odisha, the company plans to further expand its capacity by making the business of the former Bushan Power & Steel (BPSL), which operates a blast furnace integrated steel mill in Sambalpur, a joint venture with JFE Steel.

In January this year, JSW alone decided on an investment policy of INR 316 billion ($3.38 billion) to build a new integrated steel plant with an annual production capacity of 5 mnt in Jagatsinghpur province of the state. Brownfield, greenfield, and partnerships with foreign companies will lead to three projects in Odisha.

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