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Mumbai: JSW Steel and South Korea’s POSCO have signed a pact to collaborate on steelmaking, electric vehicle (EV) batteries and renewable energy. The two companies will first set up a 5 million tonnes per annum (MTPA) integrated steel unit with provisions for capacity expansion, JSW Steel said in a press statement. "As one of the world’s fastest-growing economies, India presents tremendous opportunities for sustainable growth, and our partnership with POSCO strengthens JSW’s commitment to drive that transformation,” Sajjan Jindal, the chair of the JSW Group, said in the statement.
The Korean steelmaker’s top management was in Mumbai to sign the pact. “This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future,” said Chang In‐hwa, chairman of POSCO. Also read: Steel imports trip on India’s bureaucratic red tape Jindal added, "This JV also entails collaboration for renewable energy for a state-of-the-art integrated steel plant and for setting up an EV ecosystem in India.
Together, we aim to set a benchmark in technology and sustainability that can shape the future of manufacturing in India and beyond.” The JSW Group has a presence in EV manufacturing through its investment in MG Motor India, the domestic arm of China's leading automaker SAIC Motor. It also has a presence in renewable energy production through the listed firm JSW Energy.
JSW Steel has a joint venture with Japan's JFE Steel to manufacture grain-oriented electrical steel in India. Also read: India plans ‘safeguard duty’ to protect steel companies from cheap imports JSW Group is a $24-billion Indian conglomerate with a diverse portfolio comprising steel, energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports and venture capital. JSW Steel stock was down around 1.
7% on the BSE and NSE as of 10:51 am on Tuesday. JSW Steel expects second-half turnaround On 27 October Mint reported that JSW Steel expects its margins to improve in the second half of FY25 as steel prices recover after touching multi-year lows in September, according to a top executive, who said the company’s cost-cutting measures continue to deliver results. Additional capacity from the company’s upcoming expansion projects will also help increase sales and spread fixed costs on a wider base, further aiding margins, Jayant Acharya, joint managing director at the steelmaker, said in an interview.
Also read: Govt panel may approve ₹ 4,000 cr new PLI scheme for specialty steel next month The steelmaker also expects its coking coal costs to fall by $20-25 per tonne in the second half on expectations of lower prices and by using a more cost-effective blend that it has been experimenting with. “We remain bullish for H2,” Acharya said. “The second half will have stronger seasonal demand, and our additional capacities are also playing out at the right time.
This will give us a good volume increase, and also absolute improvement in Ebitda.”.
