India: JSW Steel, POSCO announce 50:50 joint venture for 6 mnt/year steel plant in Odisha

JSW Steel has approved a 50:50 joint venture with POSCO Group through Saffron Resources to establish a 6 mnt/year greenfield integrated steel plant in Odisha. POSCO will invest INR 508.8 crore for equity participation. The partnership aims to strengthen technological capabilities and produce high-grade steel for the automotive industry in particular and other specialised applications.