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The JSW Group and POSCO, a South Korean steel giant, have announced plans to set up a mega steel plant in Keonjhar, Odisha, with a production capacity of 5 million tonnes per annum (MTPA). This project is significant as it will be POSCO’s second attempt in Odisha after a previous attempt in 2005 was shelved due to land acquisition hurdles. However, with the change of regime and the identification of two suitable locations for the plant, the project is now expected to take off.
The plant will be a joint venture between JSW and POSCO, with JSW providing the necessary raw materials from its four steel mines in the state. The project is expected to create employment opportunities and boost economic development in the area and the entire state. The government has also announced plans to expand the four-lane road connecting Keonjhar to Paradip Port to an eight-lane road, making it easier for transportation.
Chief Minister Mohan Majhi has hailed the project as a major achievement, stating that it will make Odisha one of the major steel producers in the world. The project is also expected to boost Odisha’s economy and employment, help India become a leader in sustainable steel production, and encourage more investment in green industrial initiatives.
The location of the plant in Keonjhar is strategic, with the district having a lot of iron ore and active mining activities. JSW already has an iron mine in Keonjhar’s Joda, which will cater to the needs of the raw material for the proposed plant. The project is expected to have several benefits, including global recognition for Odisha, strengthening of the state’s industrial sector, and helping India achieve its sustainable development goals.
Overall, the joint venture between JSW and POSCO is expected to bring significant economic benefits to Odisha and India, and is a major step towards achieving sustainable development goals.