[SMM Steel] India’s JSW Steel reported consolidated crude steel production of 2.12 million mt in April 2026, down 1% YoY, mainly due to the planned shutdown of blast furnace No.3 at its Vijayanagar plant for capacity upgrades. Capacity utilization at Indian operations reached around 94% excluding BF3, but fell to 83% including the furnace. JSW Steel currently has installed crude steel capacity of 35.7 million mt/year and plans to expand it to 48.9 million mt/year over the next four years.

[SMM Steel] Asian steelmakers are stepping up CBAM compliance efforts as the EU published its first CBAM certificate price at €75.36/mtCO2e for Q1 2026 and tightened steel safeguard quotas. Mills are increasing emissions reporting, third-party verification, and carbon cost optimization to remain competitive in the EU market. India’s HRC quota under EU safeguard category 1A was exhausted within days after April 1. JSW Steel said its HRC emissions intensity is 1.8-2 tCO2/mt, well below India’s default CBAM value of 4.7 tCO2/mt. Market participants expect steel pricing to increasingly diverge based on verified emissions intensity and carbon compliance.

[Tata Motors and JSW Plan to Invest $1 Billion to Boost EV R&D in India] India's Tata Group and JSW Group plan to jointly invest nearly $1 billion in independent EV and battery R&D operations, as Indian domestic automakers seek to reduce their dependence on Chinese supply chains. According to sources, Tata Group's battery subsidiary Agratas plans to invest over $400 million to build a battery R&D center in Bangalore, Karnataka, India.

JSW Steel delivered record production and sales in FY2024-25, but weaker steel realizations dragged down revenue and margins, creating a clear growth paradox: higher volumes but lower earnings quality. As India’s largest steelmaker, JSW’s next challenge is to turn its scale into more resilient earnings through higher VASP contribution, stronger raw material security, selective overseas improvement, technology partnerships, and decarbonization readiness.

[SMM Steel] JSW Steel and JFE Steel Corporation have officially formed JSW JFE Steel Limited, a 50:50 joint venture focused on an integrated steel plant in Odisha. The project, finalized on March 30, 2026, has an annual crude steel capacity of 4.5 mln mt and will produce both flat and long products for automotive and construction sectors. Backed by JFE’s investment of ~JPY 270 bn, the JV aims to capitalize on India’s strong demand growth, leveraging proximity to iron ore resources and established logistics to enhance cost efficiency and secure raw material supply.

In March 2026, the global steel market experienced a fierce geopolitical "sudden chill." According to the latest data from WSA, global crude steel production in March fell by 4.2% year-on-year to 159.9 million tons. The US-Iran conflict that erupted on Feb 28, and the subsequent blockade of the Strait of Hormuz, have completely disrupted the spring recovery rhythm of the global steel supply chain, with the shadow of energy crises and logistical interruptions rapidly spreading worldwide.

JSW Steel and South Korea’s POSCO have finalized a landmark joint venture to construct a 6 million tonnes per annum (MTPA) integrated steel plant in Odisha, India. The greenfield project will focus on producing high-end flat products for the automotive and renewable energy sectors. The facility is expected to be fully operational by late 2028, leveraging POSCO’s advanced steelmaking technology and JSW’s domestic logistical network.

[SMM Global Steel Company Special] POSCO Business Performance Report POSCO Holdings Inc. released its 2025 consolidated results, reporting revenue of 69.095 trillion won, operating profit of 1.827 trillion won, and net profit of 504 billion won. The details of the steel segment's 2025 performance are as follows. Data source: POSCO Annual Report POSCO (Standalone) Operating Performance Production and Sales Data source: POSCO Annual Report Earnings Overview ① 2025 revenue: 35.011 trillion won, down 2.545 trillion won YoY; ② 2025 operating profit: 1.78 trillion won, up 307 billion won YoY; ③ Operating profit margin: 5.1%, up 1.2% YoY. Performance Analysis On a full-year basis, although selling prices in 2025 declined compared to 2024, operating profit still rose as raw material and production costs fell by a larger margin. ① Carbon steel selling price dropped from 985,000 won/mt in 2024 to 926,000 won/mt in 2025, down approximately 59,000 won/mt. ② Key raw material cost index: fell from 100 in 2024 to 83.8 in 2025, down 16.2. Although annual growth was still achieved, it is worth noting that the sharp rise in LNG prices also significantly impacted costs, pushing up energy and maintenance expenses from 494 won/m³ in 2024 to 633 won/m³ in 2025. More detailed changes are as follows (unit: 1 billion won). Data source: POSCO Annual Report Ex-China Steel Operating Performance Details Data source: POSCO Annual Report Core Steel Business Operating Activities Decarbonisation ① Commenced construction of the HyREX (hydrogen reduction ironmaking) demonstration plant in Pohang (expected to be operational in 2028). ② Operating the Gwangyang Electric Arc Furnace (EAF, capacity of 2.5 million mt, operational from June) to quickly respond to market demand for low-carbon steel products. Building Two Pillars: Energy and Mobility ① Pohang Plant (Energy): Building a "model plant for energy-use steel," deepening capabilities in steel for hydrogen energy, LNG, and power grid applications (including PosMAC, e-steel, etc.). ② Gwangyang Plant (Mobility): Positioned as a "dedicated plant for new mobility," conducting R&D on Giga Steel, silicon steel (Hyper NO), and other low-carbon high-end materials. Cost Innovation 2030 Leveraging technology to reduce structural costs through technology-driven structural cost reduction, targeting fixed cost reductions of 50 billion Korean won in 2025 and 40 billion Korean won in 2026. Optimizing group-wide operating costs: such as optimizing power generation and waste heat recovery, and streamlining logistics and procurement. Overseas Expansion ① [US Louisiana: EAF Integrated Steel Mill] Total investment of $5.8 billion, with POSCO holding a 20% stake and a relatively small financial burden (capital-to-debt ratio of 50:50). Products will be directly supplied to North American automakers and POSCO's Mexico plant. Discussions are underway on battery materials supply chain and next-generation materials collaboration. ② [Strategic Partnership with US Cleveland-Cliffs] Combining POSCO's global network with Cleveland-Cliffs' domestic production assets. Goal: Capturing the North American high-value-added automotive sheet market through the integration of technology and marketing. ③ [India: Integrated Steel Mill Joint Venture] Establishing a 50:50 joint venture with JSW, India's largest steel manufacturer, with equal representation on the board of directors. Constructing an integrated steel mill with a capacity of 6 million mt, and conducting business collaboration in renewable energy (wind and solar) to supply power to the steel mill. Source: POSCO Annual Report Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. 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Leading EU coking coal producer JSW finalized a restructuring agreement in mid-April 2026, aiming to adapt to the European transition toward green steel. On April 16, JSW secured a long-term coking coal supply agreement with ArcelorMittal Poland, ensuring a stable feedstock for the site's blast furnaces. Despite lowering its production guidance due to recent longwall delays, JSW is positioning itself as a strategic partner for European steelmakers who still rely on high-quality metallurgical coal while preparing for hydrogen-based reduction technologies.

[SMM Steel] John Cockerill India secured a $32 million contract to supply a continuous galvanizing line to JSW Steel Coated Products Limited at its Khopoli plant. The project includes full engineering, supply, and commissioning, with completion scheduled for May 2028. In the short term, the deal reflects ongoing investment in value-added coated steel capacity, supporting future supply of higher-end products.