JSW Steel plans to invest $1 billion in decarbonization of capacities

The company aims to become carbon neutral by 2050 and reduce CO2 emissions by 42% by 2030

Indian steel company JSW Steel plans to invest $1 billion in decarbonization of capacities. This will contribute to the company’s ambition to become carbon neutral by 2050 and reduce CO2 emissions by 42% (1.95 tonnes of CO2 per tonne of steel) by 2030. It is reported by Kallanish with reference to the quarterly report of JSW.

«We have developed a clear roadmap to become carbon neutral for all our divisions by 2050, well ahead of India’s commitment by 2070,» the company said.

The company also plans to increase Indian capacity to 42 million tons of steel per year by September 2027, and reach 50 million tons by 2031. It is estimated that capital expenditures for capacity expansion will be about $500 per ton of products.

Over the next three years, JSW Steel expects capital expenditures at 644.34 billion Indian rupees ($7.72 billion).

In the II quarter of 2024 (I quarter 2024/2025 fiscal year), JSW Steel consolidated steel production fell by 1% compared to the same period 2023 year, and by 6% compared to the previous quarter – up to 6.35 million tons. The reduction in production volumes is the result of planned shutdowns for maintenance.

Steel production at Indian enterprises fell by 1% y/y over the period and 6% q/q – up to 6.12 million tons. Capacity utilization was 87%. USA-Ohio reduced production by 4.2% y/y – up to 23 thousand tons.

The annual consolidated capacity of JSW Steel is 36.2 million tons/year. By 2027, this figure is planned to increase to 43.5 million tons.

JSW Steel USA, a subsidiary of the Indian JSW Steel, plans to invest $110 million in the modernization of its steel plant in Baytown (Texas) using sustainable technologies and state-of-the-art equipment.