Market Chatter: Posco, JSW Steel to Build Integrated Steel Plant in Odisha, India

MT Newswires Live

Oct 31, 2024

South Korean steelmaker Posco (KRX:005490) will establish an integrated steel plant in India's Odisha in partnership with Mumbai-based steel producer JSW Steel (BOM:500228, NSE:JSWSTEEL), Pulse News reported Wednesday.

The deal came through after Posco scrapped similar plans in 2017 due to local opposition. The new project will focus on steel production, secondary battery materials, and renewable energy, the report said.

The new plant in Odisha will be the steelmaker's fourth such facility after its three integrated steel mills in Indonesia, China, and Vietnam, it said.

Shares of Posco fell 1% in recent trade on Thursday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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