Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption
JSW Steel and South Korea’s POSCO Group have approved a 50:50 joint venture to set up a 6 million tonnes per annum integrated steel plant in Odisha, giving fresh momentum to one of the state’s biggest proposed industrial projects. The venture will be housed through Saffron Resources Pvt Ltd, which already holds 887 acres in the state.
POSCO will invest about Rs 508.8 crore in the joint venture, with the transaction targeted for completion by December 31, 2026, subject to closing adjustments. The project has been linked to Odisha’s mineral-rich Keonjhar district and is expected to strengthen the state’s position as a major steel manufacturing hub.
The Odisha government had earlier cleared the 6 mtpa greenfield steel plant proposal with an estimated investment of Rs 35,000 crore and projected employment potential of around 8,000 direct and indirect jobs. The alliance is also seen as strategically important because it combines JSW Steel’s domestic execution strength with POSCO’s advanced steelmaking technology, especially for high-grade and specialised steel products.
Also Read : Jindal Steel Reports 26% Drop in Q2 Net Profit for FY 2025-26 MOIL Limited Reports Highest-Ever Manganese Ore Production in FY 2024-25
ArcelorMittal has begun using 100 per cent green hydrogen to heat furnaces at its Olaberria rolling...
Construction 18-Nov-2025
India Ratings and Research (Ind-Ra) expects 6.5% GDP growth in FY25, which is a slight drop from 7.3...
Business 22-Feb-2024
India and Iran inked a Long-term Main agreement for the establishment of the Shahid Beheshti Port Te...
Business 14-May-2024
Prime Minister Narendra Modi to inaugurate and lay the foundation stone for 112 National Highway pro...
Construction 11-Mar-2024
China is signaling a major shift in its energy policy as it drastically reduces the approval of new...
Business 22-Aug-2024
SAIL reduces total debt by $87 million in FY 2024-25.Emphasis on financial prude...
Business 06-Jun-2025