JSW Steel and Japan's JFE Steel Corporation have officially unveiled the corporate identity of their 50:50 joint venture as JSW JFE Steel Limited during a landmark ceremony held in Sambalpur, Odisha on April 24, 2026. The announcement marks a significant milestone in Indo-Japanese industrial collaboration and celebrates 15 years of strategic partnership between the two steel giants. The announcement was made under Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

High-Profile Ceremony Marks New Era

The unveiling ceremony was attended by prominent dignitaries including Odisha Chief Minister Shri Mohan Charan Majhi, Union Minister of Education Shri Dharmendra Pradhan, JSW Group Chairman Mr. Sajjan Jindal, JSW Group's Mr. Parth Jindal, JFE Holdings President & CEO Mr. Yoshihisa Kitano, and Japanese Ambassador Keiichi ONO. The event formally introduced the new corporate identity for the entity formerly known as JSW Sambalpur Steel Ltd.

Leadership Vision for Strategic Alliance

Mr. Sajjan Jindal, Chairman of JSW Group, emphasized the significance of the partnership, stating that JSW JFE Steel represents more than a joint venture—it embodies the convergence of two great industrial traditions with a shared vision for India's steel future. He highlighted how the alliance combines JSW's speed and agility with JFE's technological prowess to create a powerhouse for sustainable steelmaking in India.

Mr. Yoshihisa Kitano, Representative Director, President and CEO of JFE Holdings, Inc., expressed confidence that the combination of JFE's advanced steelmaking technologies with JSW's operational scale will deliver value to shareholders while contributing to India's industrial development.

Strategic Operations and Product Portfolio

The JSW JFE Steel Limited facility benefits from strategic positioning with well-developed rail and road infrastructure. The plant's proximity to iron ore mines in India's largest iron ore-producing region ensures strong raw material security and cost competitiveness.

Manufacturing Capabilities:

• Hot-rolled coils
• Cold-rolled coils
• Value-added downstream products
• Wide range of flat and long steel products

Target Sectors:

• Automotive industry
• Infrastructure development
• Construction sector
• Capital goods manufacturing

About the Partner Companies

JSW Steel operates as the flagship business of the diversified US$ 23 billion JSW Group, which maintains interests across energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports, and venture capital. The company has evolved from a single manufacturing unit to become India's leading integrated steel company with consolidated crude steel capacity of 35.9 MTPA, including 1.5 MTPA in the US, while domestic crude steel capacity stands at 34.4 MTPA. Its next phase of growth will take consolidated capacity to 43.9 MTPA over the next three years. The Company's plant in Vijayanagar, Karnataka is the largest single-location steel-producing facility in India with current capacity of 17.5 MTPA.

JFE Steel Corporation, established in 2003 through the consolidation of NKK Corporation and Kawasaki Steel Corporation, operates as one of the world's leading integrated steel producers. The company reported consolidated sales of 3,365 billion yen and consolidated crude steel output of 23.20 million tons in the fiscal year ended March 2025, operating under the corporate vision of "contributing to society with the world's most innovative technology."

JSW Steel Limited's board of directors has formally approved the Share Subscription and Joint Venture Agreement with South Korea's POSCO Group at its meeting held on April 17, 2026. The partnership involves transforming Saffron Resources Private Limited from a wholly owned JSW Steel subsidiary into a 50:50 joint venture through a comprehensive share subscription agreement for establishing a 6 MTPA integrated steel manufacturing facility in Odisha.

Board Meeting and Regulatory Compliance

The board meeting, which commenced at 12:30 p.m. and concluded at 1:40 p.m. (IST), approved entering into the agreement with POSCO Co., Ltd and POSCO-India Private Limited. The company has issued formal intimation to both exchanges under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with reference number JSWSL: MUM: SEC: SE: 2026-27/04/06.

Joint Venture Investment Structure

The confirmed deal structure involves POSCO Co., Ltd and POSCO-India Private Limited subscribing to shares in Saffron Resources Private Limited for a total consideration of approximately INR 508.8 crore, subject to closing adjustments. This investment establishes equal ownership between JSW Steel and the POSCO Group in the joint venture entity.

Land Assets and Project Foundation

Saffron Resources Private Limited holds substantial land assets in Odisha that will support the proposed greenfield integrated steel plant development. The comprehensive land portfolio provides a strong foundation for the 6 MTPA capacity facility.

Strategic Partnership Advantages

The joint venture represents a significant strategic alliance between two major steel producers. POSCO Co., Ltd, headquartered in Pohang, South Korea, operates approximately 45 MTPA of steel manufacturing capacity and holds the distinction of being South Korea's largest steel producer. World Steel Dynamics has recognized POSCO as one of the world's most competitive steelmakers.

The partnership enables JSW Steel to access advanced technology and manufacturing capabilities for high-grade steel products, particularly for automotive and specialized applications. This collaboration aligns with JSW Steel's expansion strategy as the company aims to achieve 50 MTPA production capacity in India by FY31, building on its current crude steel production capacity of 35.7 MTPA.

Governance Framework and Agreement Terms

The joint venture agreement establishes balanced governance mechanisms between the partners. Both JSW Steel and POSCO Group will have the right to appoint an equal number of directors to Saffron's board, ensuring proportionate representation in decision-making processes. The agreement includes customary affirmative consent rights for both parties.

Financial Position of Saffron Resources

As of March 31, 2025, Saffron Resources Private Limited maintained a net worth of INR 4.95 crore with nil turnover for FY25, reflecting its status as a project development entity within JSW Steel's portfolio.

The transaction does not fall within the ambit of related party transactions, as POSCO Group has no existing relationship with JSW Steel's promoter, promoter group, or group companies. The definitive agreement is expected to be executed in due course following all regulatory approvals.