Posted on 22 Aug 2022
Indian private-sector producer JSW Steel plans to set up scrap shredding facilities in India in a joint venture with New Zealand's metal recycler National Steel Holdings Limited (NSHL).
The firms entered the joint venture with a 50-50 partnership on 18 August to set up scrap shredding plants using industry-leading machinery, technical know-how and relevant processes.
JSW had set a target for achieving a 42pc reduction in carbon emissions by 2030 from a 2005 baseline last year. It had also issued sustainability linked bonds, while its sister company JSW Future Energy had reached an agreement with Australia's Fortescue Future Industries to develop green hydrogen projects in India for use in steelmaking.
India launched the national vehicle scrapping policy in August last year aiming to phase out unfit and polluting vehicles, while increasing domestic scrap metal processing capacity and reducing dependency on scrap imports.
India's minister of road transport and highways Nitin Gadkari has said about 3-4 scrapping centres should be set up in every district. Lack of ferrous scrap in the country has pushed long steel prices higher several times this year.
Source:Argus Media
