JSW Steel inks MoU with german company for decarbonisation drive

14 Sep 2022 , 10:02 AM

The company said that it will explore solutions for implementation of the decarbonisation projects across various JSW Steel plants in India. The company said that this collaboration will enable the both the companies to explore opportunities together to reduce carbon emissions and produce green steel in one of the hard-to-abate sectors. To achieve the task of decarbonisation at various JSW Steel plants, the SMS group shall provide its technology experts design, engineering consultancy and commissioning for executing various projects. JSW Steel said that it shall make available at its plants all the support to SMS group like raw materials, consumables and manpower for exploring solutions for implementation of general decarbonisation projects. The steel maker said that it will invest Rs 10,000 crore to reduce carbon emissions from steel manufacturing to bring down GHG (greenhouse gases) emissions by 42% (from the base year 2005 levels) to less than 1.95 tonnes of CO2 per tonne of crude steel (tcs) by 2030. Sajjan Jindal, chairman & MD at JSW Steel said, ?While the steel Industry accounts for 0.7% of the worlds economic output, the industry also contributes 7% towards global emissions. We need a new transformative approach focused on green steel vision. With our technology partner SMS group, we are on our way to turning metals green in the world.? ?Achieving net zero in steel industry will require major upgrades and capital investments at the steel mills and the initiative will have to be taken at the industry as well as policy level,? Jindal added. Burkhard Dahmen, chairman of the managing board & CEO of SMS group said, ?Our knowhow and experience in metallurgy combined with our digital expertise and plant technology consultancy enable SMS group and JSW Steel to create a greener metals industry.? JSW Steel, the flagship business of the diversified JSW Group, is Indias leading integrated steel company with capacity of 28 MTPA in India & USA (including capacities under joint control). The companys manufacturing unit in Viiayanagar, Karnataka is the largest single location steel-producing facility in India with a capacity of 12 MTPA. The companys consolidated net profit slumped 85.81% to Rs 838 crore in Q1 FY23 as against Rs 5,904 crore recorded in Q1 FY22. Revenue from operations surged 31.78% to Rs 38,086 crore in Q1 FY23 compared with Rs 28,902 crore in the same quarter last year. The scrip shed 1.09% to currently trade at Rs 683.30 on the BSE. Powered by Capital Market – Live News