JSW Group and POSCO Sign MoU for 5 MTPA Steel Plant in India, Focusing on Battery Materials and Renewable Energy

Oct 29, 2024, 04:35 AM

JSW Group has signed a memorandum of understanding (MoU) with Korea's POSCO Group to develop an integrated steel plant in India. The proposed facility will have an initial capacity of 5 million tonnes per annum (MTPA). This partnership aims to enhance collaboration in the steel sector, as well as in battery materials and renewable energy, particularly to support the energy needs of the new plant. The agreement also includes exploring opportunities in battery materials related to electric vehicles (EVs). The deal comes as JSW Steel navigates legal hurdles concerning its Mozambique coking coal assets, which are pending a political transition.