POSCO, the iron-making company in Pohang, announced an investment of 1.6 trillion Korean won in a joint venture steel plant in India.

On April 20th, POSCO, a South Korean steelmaker, announced that it will invest 1.6 trillion Korean won in a joint venture with India's JSW Group to build an integrated steel plant with an annual production capacity of 5 million tons in the state of Odisha, India. The total investment for the first phase of this project is approximately 7.3 billion US dollars, with POSCO covering 50% of the costs. In addition to this investment, the remaining 2.55 billion US dollars will be raised through external financing.