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Indian steel giant, the flagship company of the JSW Group, JSW Steel has signed an agreement with the SMS Group to explore options to reduce its carbon emissions.
The SMS Group is a consultancy services company based in Düsseldorf, Germany. The company assists metal companies by developing individual/modular solutions for designing new plants, modernization, digitization, or life cycle services. One of its many services includes decarbonization services for metal industries.
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Both companies have signed a memorandum to implement decarbonization efforts at the production facilities of JSW Steel. The SMS Group will be offering its services in the form of its expertise in design and engineering consultancy services for the execution of said decarbonization projects.
JSW Steel will be sharing access to all its facilities as well as all its data with the company to explore solutions for the implementation of its decarbonization projects.
Certain reports suggest that JSW Steel will be targeting a 42% reduction in emissions from crude steel by 2030. The investment for these decarbonization projects is being reported to be around Rs 10,000 crores. Moreover, JSW Steel 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.
“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 need a new transformative approach focused on the green steel vision. With our technology partner SMS group, we are on our way to turning metals green in the world.” said Sajjan Jindal, Chairman, and MD of JSW Steel.
The stock of JSW Steel currently trades around Rs 699 per share.
Article by Aman Agarwal.
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