JSW Steel today forged a collaboration with German-based engineering and technology company SMS group to explore multiple cutting-edge solutions and R&D projects to reduce carbon emission in its iron and steelmaking operations in India.

The collaboration will enable the companies to explore opportunities together to reduce carbon emissions and produce green steel in one of the hard-to-abate sectors.

A Memorandum of Understanding (MoU) between JSW Steel and SMS group GmbH, has been signed on Tuesday in Mumbai for exploring solutions for implementation of the decarbonisation projects across various JSW Steel plants in India.

To achieve the task of decarbonisation at various JSW Steel plants, the SMS group, the leading partner with the world use their expertise and experience in metallurgy, industrial processes and digitalisation, shall provide its technology experts design, engineering consultancy and commissioning for executing various projects.

JSW Steel shall make available at its plants all the support to SMS group like raw materials, consumables and manpower for exploring solutions for implementation of general decarbonisation projects.

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JSW Steel reported standalone crude steel production for the month of August, 2022 at 16.76 lakh tonnes, a growth of 22% YoY on standalone basis. The company reported flat rolled products production of 12.01 lakh tonnes and long rolled products production of 3.75 lakh tonnes in August 2022, higher by 34% and 25% respectively over August 2021.

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The company's crude steel production was 13.77 lakh tones in the same period last year.While the production of flat rolled product increased by 34% to 12.01 lakh tones, the production of long rolled product improved by 25% to 3.75 lakh tones in August 2022 over August 2021.

The average capacity utilization was 87.4% during August 2022, mainly due to shortage of iron ore both in Karnataka and Odisha regions.

JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company with capacity of 28 MTPA in India & USA (including capacities under joint control). The company's manufacturing unit in Viiayanagar, Karnataka is the largest single location steel-producing facility in India with a capacity of 12 MTPA.

The company's consolidated net profit slumped 85.81% to Rs 838 crore in Q1 FY23 as against Rs 5,904 crore recorded in Q1 FY22. Revenue from operations surged 31.78% to Rs 38,086 crore in Q1 FY23 compared with Rs 28,902 crore in the same quarter last year.

The scrip shed 0.65% to currently trade at Rs 682.95 on the BSE.

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JSW Steel Ltd is up for a fifth straight session in a row. The stock is quoting at Rs 690.05, up 0.69% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.34% on the day, quoting at 17859.1. The Sensex is at 59847.71, up 0.27%. JSW Steel Ltd has added around 2.98% in last one month.

Meanwhile, Nifty Media index of which JSW Steel Ltd is a constituent, has added around 4.96% in last one month and is currently quoting at 6011.5, up 0.56% on the day. The volume in the stock stood at 27.54 lakh shares today, compared to the daily average of 25.74 lakh shares in last one month.

The benchmark September futures contract for the stock is quoting at Rs 691.8, up 0.77% on the day. JSW Steel Ltd is down 0.63% in last one year as compared to a 2.9% gain in NIFTY and a 3.53% gain in the Nifty Media index.

The PE of the stock is 12.87 based on TTM earnings ending June 22.

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