POSCO and JSW Revitalize Mega Steel Project in Keonjhar, Odisha

Odisha Chief Minister Mohan Charan Majhi announced the revival of a steel project in Keonjhar by POSCO and JSW Group. Previously stalled, the project is now progressing as a 6 MTPA venture. The companies signed an agreement for a feasibility study to finalize details, marking a significant industrial development for the state.

In a recent development, Odisha Chief Minister Mohan Charan Majhi confirmed that POSCO, the prominent South Korean steelmaker, will establish a new 6 MTPA greenfield project in Keonjhar, in collaboration with JSW Group. The project signifies POSCO's return to the region after abandoning a previous venture in 2017 due to local resistance and regulatory hurdles.

The announcement followed a meeting between Majhi and the CEO of JSW, during which plans for the Keonjhar steel plant were confirmed. Initial discussions for the mega project had begun as far back as 2005 when POSCO first signed a memorandum of understanding with the Odisha government to set up a plant in Jagatsinghpur. This project, however, did not materialize due to significant roadblocks.

Both companies have now signed a non-binding Heads of Agreement (HoA) to conduct a detailed feasibility study and finalize critical aspects of the project, such as location and resources. This initiative promises a substantial economic boost for the state, with Odisha's government expressing full support for this and future investments.

(With inputs from agencies.)