After abandoning a major project in Odisha due to intense local opposition, South Korean steel giant POSCO is poised to return to the state after over two decades to establish a greenfield plant in partnership with the JSW Group.
This development was confirmed by Hemant Sharma, Additional Chief Secretary of the Industries Department in Bhubaneswar.
Speaking to reporters, Sharma said, “We are delighted to announce that POSCO is returning to Odisha. An agreement to this effect was signed on Monday during the South Korean President’s visit to India.”
A new milestone in India’s growing steel ecosystem. JSW Steel and POSCO have signed the joint venture agreement at the India-Korea Business Summit in New Delhi, in the presence of senior leadership from both organisations and government representatives. The proposed 6 MTPA… pic.twitter.com/DBGH6QXVQe
— JSW Group (@TheJSWGroup) April 20, 2026
In the early 2000s, POSCO had proposed a 12 mtpa mega steel mill with Rs 51,000 crore investment near Paradip in the Jagatsinghpur district, but the project was scrapped following fierce public resistance during land acquisition and a failure to secure raw material linkages due to evolving mineral policies in the country.
Sharma said that the company has expressed interest in developing two major Greenfield projects in Odisha – a 6 mtpa plant in the Keonjhar district and a 5 mtpa steel mill in the Dhenkanal district.
“Though the state government has 1,000 acres of land for the purpose, it may arrange more if required. The state will provide all logistics to Posco to set up its proposed plants in Odisha,” Sharma said.
In a significant boost to the industrial sector of Odisha, the JSW Group has announced a major investment in collaboration with the South Korean conglomerate.
The two companies have signed a joint venture agreement to establish a mega steel plant in Dhenkanal district.
Sources said that the agreement was finalised at the India-Korea Business Summit in New Delhi on Monday, in the presence of Union Commerce Minister Piyush Goyal, JSW Group Chairman Sajjan Jindal, and POSCO Chairman Chang In-hwa.
In the proposed project in Dhenkanal, both JSW and Posco will hold equal stakes of 50 per cent each and the total investment is estimated at around Rs 35,000 crore.
The project is expected to generate significant employment opportunities, both directly and indirectly, and contribute to the economic growth of the region.
