Steelmakers to play key role in making India a $5-trn economy

Tirupati Emerging trends in the steel industry came up for discussion at a session conducted by CII Andhra Pradesh on steel and alloys with the theme 'Shaping the future of steel: Sustainable, efficient and innovative' here on Wednesday.

The conference deliberated on the topics like growth, trends and future of steel industry, future of steel manufacturing, decarbonisation and green steel and steel trade and policy, impact, opportunities and challenges.

Special Chief Secretary, Environment, Forests and Science, AP Government, Neerabh Kumar Prasad in the inaugural speech stated that the steelmakers of the country have a huge role to play in this Amrit Kaal, to meet the aspirations of the people of India to make India a $5-trillion economy in a few years, under the flagship 'Make in India' and Atma Nirbhar programs. The steel production capacity is estimated to increase to 300 million tonnes per year by 2030 and to around 500 million tonnes by 2047 fuelled by the constant increase in demand due to economic growth, real estate developments and infrastructure push with schemes like Bharatmala, Sagarmala, Atal Mission for Rejuvenation and Urban Transformation, setting up of National Investment and Manufacturing Zone and smart cities. He said as the steel industry has made significant progress towards sustainability, it faces challenges that need to be addressed for a more sustainable future. These challenges include reducing carbon emissions, ensuring responsible sourcing of raw materials, and managing water and energy consumption. The adoption of greener technologies and renewable energy sources can significantly minimize the industry’s environmental impact. The industry needs to undergo transformation towards green steel production. Innovative technologies like electric arc furnaces (EAF) and hydrogen-based direct reduction processes need to be adopted to reduce carbon emissions significantly.

Focusing on Andhra Pradesh, he stated AP is a significant player in the production of steel in India with 9.4 MTA of steel production, accounting to 7 per cent of India’s production. The State is also a leading producer of ferro alloys with the presence of about 35 industries with production capacity of 1.20 lakh tonnes per month. Two major steel plants are also being set-up in the State (Jindal Steel (2.25 MT) at Tirupati and JSW (3 MT) at Kadapa).