JSW, POSCO to partner on sustainable steel production in Inida

Indian conglomerate JSW Group on Tuesday announced the signing of a memorandum of understanding (MoU) with South Korean steelmaker POSCO Group to collaborate in the steel, battery materials and renewable energy sectors in India.

The partnership will focus on the development of an integrated steel plant in India with an initial annual capacity of 5 million tonnes. The companies will also look to collaborate in the area of renewable energy for meeting the needs of the proposed steel plant. They further intended to partner on battery materials related to electric vehicles (EVs).

The announcement notes that India is one of the fastest growing economies in the world and has strong demand for steel. The partnership between JSW Group and POSCO is set to increase India’s steel production capacity and support sustainability efforts in both countries.

The MoU was inked at the Mumbai headquarters of JSW Group, which has interests in steel, energy, infrastructure, cement, paints and more.

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