The article discusses the establishment of a 5 million tonnes per annum (MTPA) integrated steel plant in the Keonjhar district of Odisha, India, by JSW Steel Limited and South Korean steelmaker POSCO. The project, worth approximately Rs 40,000 crore, is expected to have a significant impact on Odisha’s economy, with the plant aiming to produce a range of steel products, including hot-rolled, cold-rolled, and galvanized steel.
The steel plant is expected to create approximately 8,000 direct jobs, stimulate the growth of ancillary industries, and enhance local infrastructure. The project is part of a larger plan to establish multiple steel industries across the district, pushing total investment beyond Rs 1 lakh crore and making the region a steel production hub.
The article also highlights other major announcements made during the ‘Utkarsh Odisha-Make in Odisha Conclave’, including Vedanta Limited’s plan to invest Rs 1 lakh crore in an alumina refinery, a green aluminum plant, and an aluminum park in Rayagada, and Jindal Steel and Power’s plans to expand its Angul steel plant to 25 MTPA by 2030. Additionally, Indian Oil Corporation committed Rs 61,000 crore towards a naphtha cracker project in Paradip, and proposals for floating solar plants and pumped hydro-storage systems were introduced, aiming to bolster Odisha’s renewable energy capacity.
Overall, the article concludes that the collaboration between JSW Steel and POSCO, along with other major announcements, will contribute significantly to Odisha’s economic growth and position it as a key player in India’s steel industry.