JSW Steel is the Indian partner of Japan's steel significant JFE Holdings IncJapan's second-biggest steelmaker JFE Holdings Inc will study the feasibility of forming a joint endeavor with its Indian partner JSW Steel to make and offer electro-magnetic steel sheet used in transformers, it stated on Friday.
Demand for electromagnetic steel sheet is anticipated to grow to show soaring need for electrical power in India, JFE President Koji Kakigi told a news conference about its new four-year business strategy.
We can control the Indian (electro-magnetic steel) market by sharing our innovative technology, he stated, adding that they aim to make a decision by next March.Under the brand-new organization strategy through March 2025, JFE intends to cut co2 (CO2) emissions from its main steelmaking operation by 18 percent from 2013 levels, with a target of becoming carbon neutral in 2050.
To achieve these objectives, it intends to establish an innovation to recycle CO2 produced from blast furnaces by turning it into methane, which can then be blown back into the heater as a decreasing product.
It also plans to establish hydrogen-based ironmaking technology and get in supply chains of overseas wind power farms.
Recycling CO2 might be a promising choice to assist cut CO2 emissions, with an advantage of having the ability to utilize our existing blast heaters, Kakigi said, pointing out a plan to conduct a presentation test of the procedure by March 2028.
When it comes to the steel company, JFE will shift its focus from amount to quality, Kakigi said, through improving the ratio of value-added items to 50 per cent.Over the next 4 years, it will spend 1.2 trillion yen ($11 billion) in capital investment, with an assumption of producing 26 million tonnes of crude steel in 2024, in line with 26.5 million tonnes forecasted for this year.For the current year to March, JFE anticipated a net earnings of 130 billion yen after a loss of 21.87 billion a year previously.