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JSW Steel investing Rs 10000 crore for greener steel, signs MoU with Germany's SMS group

JSW Steel investing Rs 10000 crore for greener steel, signs MoU with Germany's SMS group

JSW Steel investing Rs 10000 crore for greener steel, signs MoU with Germany's SMS group
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By CNBC-TV18 Sept 13, 2022 7:09 PM IST (Updated)

Shares of JSW Steel ended at Rs 690.85, up by Rs 4.50, or 0.66 percent on the BSE.

Sajjan Jindal-led JSW Steel on Tuesday, September 13, signed a memorandum of understanding (MoU) with Germany-based engineering and technology company SMS group to explore multiple cutting-edge solutions and R&D projects to reduce carbon emissions in its iron and steelmaking operations in India.

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For this collaboration, JSW Steel will be investing Rs 10,000 crore. JSW Steel targets to bring down greenhouse gas (GHG) emissions by 42 percent (from the base year 2005 levels) to less than 1.95 tonnes of carbon dioxide per tonne of crude steel (tcs) by 2030.
To achieve the task of decarbonisation at various JSW Steel plants, the SMS group will use its expertise and experience in metallurgy, industrial processes and digitalisation, and will provide its technology experts with design and engineering consultancy and commissioning for executing various projects.
JSW Steel shall make available all the support at its plants to SMS group, like raw materials, consumables and manpower, for exploring solutions for implementation of general decarbonisation projects.
The collaboration will enable the companies to explore opportunities together to reduce carbon emissions and produce green steel in one of the hard-to-abate sectors.
Sajjan Jindal, Chairman & MD, JSW Steel, said, "While the steel industry accounts for 0.7 percent of the world’s economic output, the industry also contributes 7 percent towards global emissions."
"We are also committed to build and continually upgrade all our plants with latest available technologies to ensure safe, secure and healthy future for all our stakeholders/ communities," he added.
Burkhard Dahmen, Chairman and CEO, 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."
The company will focus on replacing thermal power with renewable power, higher usage of steel scrap in its operations, and increasing the beneficiation of low- and medium-grade iron ore.
It has set a target of achieving specific water consumption (in steel production) of 2.21m3/ tcs by 2030. Currently, all the facilities follow zero liquid discharge principles.
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