JSW Steel, India's leading steel company, has signed an agreement with South Korea's POSCO to build a steel plant in India with an annual output of 5 million tons of steel.

The companies planned to cooperate in the field of electric vehicle battery materials and develop renewable energy for use in the steel plant. Besides, the cooperation also involved the construction of Indian infrastructure to support the construction of electric vehicles in India.

Currently, POSCO already has a plant in India that produces 1.8 million tons of cold-rolled and galvanized steel per year for the Indian automotive industry.