India's JSW Steel inks pact with S. Korea's POSCO to set up steel plant

India's JSW Steel said on Tuesday it has signed a preliminary agreement with South Korea's steel major POSCO to set up an integrated steel plant with an initial capacity of 5 million metric tons a year. JSW Steel, India's largest steelmaker by capacity, will also explore a collaboration with POSCO on battery materials for electric vehicles as well as for renewable energy for the proposed steel plant's requirement, it said.