14/09/2022 – Lowering carbon emissions and manufacturing green steel
SMS Group and JSW Steel sign MOU for carbon reduction projects
In pursuing a shared ambition to reduce carbon emissions from iron and steel production, JSW Steel, the flagship company of the $22 billion JSW Group, has signed a memorandum of understanding (MOU) with SMS Group to explore multiple cutting-edge solutions and R&D projects to reduce carbon emissions in its iron and steel making operations in India.
SMS Group will support JSW Steel in India in improving its operational efficiency and environmental performance. The MOU also sets out an agenda for discussions about future areas of cooperation with the greatest potential.
Through this partnership, both businesses will be able to jointly look for ways of lowering carbon emissions and manufacturing green steel in a challenging industry.
Sajjan Jindal, Chairman+MD, JSW Steel said, “While the steel industry accounts for 0.7 percent of the world’s economic output, it also contributes 7 percent towards global emissions. We need a new transformative approach focused on green steel. With SMS group as our technology partner, we are on our way to turning metals green across the globe.”
“We are also committed to building and continually upgrading all our plants using the latest technologies available, thereby ensuring a safe, secure and healthy future for all our stakeholders and communities. Achieving net zero in the steel industry will require major upgrades and capital investments in steel mills, and the initiative will have to be taken at both an industry and policy level,” Sajjan Jindal added.
Burkhard Dahmen, CEO and Chairman of the Managing Board of SMS Group, said, “Our know-how and experience in metallurgy combined with our digital expertise and plant technology are enabling SMS Group and JSW Steel to create a greener metals industry.”
About JSW Steel
JSW Steel is the flagship business of the diversified, US$ 22 billion JSW Group. As one of India’s leading business houses, JSW Group also has interests in energy, infrastructure, cement, paints, sports, and venture capital. JSW Steel, certified by Great Places To Work in 2021, has emerged as an organization with a strong cultural foundation. Over the last three decades, it has grown from a single manufacturing unit to become India’s leading integrated steel company with a capacity of 28.5 MTPA in India and the USA (including capacities under joint control). Its next phase of growth will take its total capacity to 38.5 MTPA by FY25. The Company’s manufacturing unit in Vijayanagar, Karnataka is the largest single-location steel-producing facility in India with a capacity of 12 MTPA. JSW Steel has always been at the forefront of research and innovation. It has a strategic collaboration with global leader JFE Steel of Japan, enabling JSW to access new and state-of-the-art technologies to produce and offer high-value special steel products to its customers. These products are extensively used across industries and applications including construction, infrastructure, automobile, electrical applications, and appliances. JSW Steel is widely recognized for its excellence in business and sustainability practices. Some of these recognitions include World Steel Association’s Steel Sustainability Champion (consecutively from 2019 to 2022), Leadership Rating (A-) in CDP (2020 & 2021), Deming Prize for TQM for its facilities at Vijayanagar (2018), and Salem (2019). It is part of the S&P Dow Jones Sustainability Index (DJSI) for Emerging Markets (2021) and S&P Global’s Sustainability Yearbook (consecutively for 2020 and 2021). JSW Steel is the only Indian company to be ranked among the top 15 global steel producers by World Steel Dynamics for 13 consecutive years since 2008. As a responsible corporate citizen, JSW Steel’s carbon reduction goals are aligned with India’s Climate Change commitments under the Paris Accord.