India’s Steel Demand Drives ₹65,000 Crore Investment by JSW Steel, POSCO
JSW Steel and South Korea’s POSCO are set to invest ₹65,000 crore in a new steel plant in Odisha, India, aiming to meet the rising steel demand fueled by India’s rapid economic expansion and infrastructure growth. The plant will initially have a production capacity of 5 million metric tons per year, which will eventually be scaled up to 18 million metric tons. This project is expected to boost India’s position as a global steel demand center as companies expand manufacturing and construction efforts.
The Indian government’s infrastructure spending, including a ₹1 trillion initiative for airport expansions, further supports this surge in steel demand. The new plant will produce various steel types, including hot-rolled, cold-rolled, and galvanized steel. POSCO’s past ₹1 trillion project was scrapped due to land acquisition issues, but it currently operates a specialized steel mill in Maharashtra that serves the automotive industry.