India's JSW Steel and South Korea's POSCO will explore the construction of an integrated steel plant in India.

Indian steel giant JSW Steel announced on August 18th that it has signed a non-binding framework agreement with South Korean steelmaker POSCO to jointly explore the construction of an integrated steel plant with an annual capacity of 6 million tons in India. As part of the follow-up steps, the two companies will conduct feasibility studies to determine factors such as factory location, investment terms, resource availability, etc. Given its natural resource base and logistical advantages, the state of Odisha in India is one of the key locations being considered.