JFE Steel Corporation & JSW Steel Limited finalized a landmark $3.2 billion joint venture on December 3, 2025, establishing equal ownership of Bhushan Power & Steel Limited's integrated steelworks in Odisha, India. The partnership targets doubling production capacity from 4.5 million to 10 million metric tons annually by 2030, leveraging JFE's technological prowess in specialty steels against JSW's operational execution capabilities. This strategic alliance positions the facility as JFE's third global integrated steelworks, capturing India's burgeoning steel demand while advancing both companies' international growth objectives through complementary strengths & balanced governance frameworks.