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, a world leader in iron and steel production technologies, 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."