Bhubaneswar: In a major boost to Odisha’s industrial landscape, South Korea’s POSCO Group and India’s JSW Steel have announced a joint investment to establish two large steel plants in the state.

Dhenkanal plant to have 6 MTPA capacity; Keonjhar unit at 5 MTPA

The proposed facilities will be located in Dhenkanal and Keonjhar districts. The Dhenkanal plant is planned with an annual production capacity of 6 million tonnes, while the Keonjhar unit will have a capacity of 5 million tonnes per annum, informed Hemant Sharma, Additional Chief Secretary, Industries Department, Odisha.

The Odisha government has already earmarked around 100 acres of land for the Dhenkanal project and has assured additional land if required. The government is also committed to facilitating necessary approvals and clearances to ensure timely execution of the projects, he said.

$7.3 billion JV aims to build integrated steel production hub

The development follows a final agreement signed between POSCO Group and JSW Steel to jointly invest approximately $7.3 billion (10.7 trillion won) in India. The joint venture will see both companies holding an equal 50 percent stake in building an integrated steel manufacturing facility.

The project is part of POSCO’s broader strategy to establish a robust production base in South Asia and strengthen its global supply chain. The company is expected to invest around 5.3 trillion won, with completion targeted by 2031.

Notably, the partnership builds on earlier agreements, including a memorandum of understanding signed in 2024 and a subsequent non-binding pact last year, paving the way for this large-scale industrial collaboration.

The twin projects are expected to generate significant employment opportunities and accelerate economic growth in the mineral-rich state, reinforcing Odisha’s position as a key steel manufacturing hub in India.