Technologies company SMS Group has signed a memorandum of understanding (MoU) with Metinvest, a steel and mining specialist, to reduce carbon emissions in iron and steelmaking.

In a statement, SMS said it would support Metinvest to improve its operational efficiency and environmental performance as part of the agreement. The MoU would also set out a plan for discussions about future areas of cooperation.

The MoU is expected to provide the parties with the opportunity to develop and test new technologies to enhance iron and steelmaking and downstream processes.

Any concrete projects from these early discussions will be subject to further cooperation agreements and contracts.

Yuriy Ryzhenkov, chief executive officer of Metinvest, said the company is "following the way to the decarbonised metals and mining industry of the future."

"In working together with SMS group, we will be able to consider better the available technical solutions that will improve steelmaking processes," Ryzhenkov explained.

"Our particular focus will be on solutions that reduce greenhouse gas emissions.

"We are convinced we will be able to find a common basis for action. As an industry, we have to find solutions on the timescale the world requires."

Georges Rassel, chief executive officer of SMS Group Europe, said: ‟We will examine a whole range of technological solutions together.

"These will include the application of innovative Paul Wurth technologies for sustainable ironmaking, such as Direct Reduced Ironmaking with our partner MIDREX, ‘blue' blast furnace with reduced CO₂ emissions, the use of hydrogen, electrification, digitalization, industrial gas recovery (including carbon capture, usage and storage), and energy efficiency and recovery".