POSCO &JSW to set up joint venture Mega Steel mill in mining rich Odisha’s Keonjhar: CM Majhi

By B.Maharana
Bhubaneswar, November 01
South Korean Steel major POSCO is all set to establish a mega steel Plant in mining rich Keonjhar district of Odisha as pat of a joint venture with JSW Group.
This was confirmed by Odisha Chief Minister Mohan Charan Majhi on Friday.” The mega joint venture steel project by POSCO and JSW in Keonjhar will be a reality, said Majhi.
This marks the second attempt by the South Korean steel giant to establish a steel plant in Odisha.
Previously,in 2005 POSCO had signed an MoU with the ten Govt, of Odisha to set up a 12 MTPA steel plant at Paradeep with an investment of Rs.52,000 crore. State Govt, had allotted land parcel of 2958 acres near Paradeep Port . But the company abandoned its plan for the steel mill in March 2017 due to public opposition and regulatory challenges.
However, the four months old BJP Government in the state is successful in bringing the Korean company back to Odisha.
“During the Utkarsha Odisha 2025 roadshows in Delhi and Mumbai, I had discussions with JSW and Posco. Subsequently, they signed an MoU to seet up an integrated steel plant, which they have decided to make it a joint venture enterprise in Keonjhar.The pipeline project is expected to materialize soon,” Majhi told media persons during his visit to Keonjhar , his home district.
On Tuesday, the two companies revealed their intention to construct an integrated steel plant in India. They also plan to collaborate on green energy production and the creation of battery materials for electric vehicles (EVs).
A MoU was signed on October 21 in Mumbai between Posco Chairman and CEO Chang In-hwa and JSW Group Chairman Sajjan Jindal for the establishment of the Steel Plant.
Initially the capacity of the joint venture steel project is slated to be 5 MTPA. .
Two land parcels have been earmarked for the proposed steel project by the local administration. Arround 2,500 acres near Odisha Tea Plantation Ltd (OTPL) in the Taramakant area of Banspal block, and another 1,956 acres at Patna reserved for ArcelorMittal.
Either of the two sites would be selected for the upcoming steel project after a high-level joint venture team’s visit.
Official sources said that an MoU is expected to be signed at the Utkarsh Odisha: Make-in-Odisha Conclave 2025 in January. And the volume of investment in the steel project is likely to be announced during the Make-in-Odisha conclave.
The new development has encouraged the Utkal Chamber of Commerce and Industries, This will help in neutralizing the negative investment ecosystem in the state, said Prabodh Mohanty, Chairman, UCCI.