Japan Steel Major May Form Joint Venture With JSW To Sell Electromagnetic Sheet

Japan's second-biggest steelmaker JFE Holdings will study the feasibility of forming a joint venture with its Indian partner JSW Steel to make and sell electromagnetic steel sheet used in transformers

Japan's second-biggest steelmaker JFE Holdings Inc will study the feasibility of forming a joint venture with its Indian partner JSW Steel to make and sell electromagnetic steel sheet used in transformers, it said on Friday. "Demand for electromagnetic steel sheet is expected to grow to reflect soaring demand for electric power in India," JFE President Koji Kakigi told a news conference about its new four-year business plan. "We can dominate the Indian (electromagnetic steel) market by sharing our cutting-edge technology," he said, adding that they aim to make a final decision by next March. Under the new business plan through March 2025, JFE aims to cut carbon dioxide (CO2) emissions from its main steelmaking operation by 18 per cent from 2013 levels, with a target of becoming carbon neutral in 2050. To achieve these goals, it aims to develop a technology to reuse CO2 generated from blast furnaces by turning it into methane, which can then be blown back into the furnace as a reducing material. It also plans to develop hydrogen-based ironmaking technology and enter supply chains of offshore wind power farms.