Mr. Jyotiraditya Scindia, Union Minister of Steel and Civil Aviation, shared the possibility of mandating green steel manufacturing, and information about MoUs signed towards the specialty steel capacity addition by 25 million tonnes at INR 30,000 crore investment.
Mr. Jyotiraditya Scindia, Indian Union Minister of Steel and Civil Aviation, in his recent public address, indicated mandatory production of green steel by steel manufacturers as a near-future possibility. He commented, “In the near future, the government of the day may contemplate looking at putting in place processes for steel producers to dedicate a percentage of their production to make green steel ensuring greater usage of the same in government projects.”
During his address, Mr. Scindia shared that his ministry has signed 57 MoUs with 27 companies for specialty steel under the PLI scheme, which will contribute to India’s goal of becoming the third-largest economy by 2030-31. These deals will generate an investment of INR 30,000 crores to add 25 million tonnes of specialty steel capacity in the next five years.
He further shared, “The steel ministry is in the process of aligning up policies with the Gati Shakti Master Plan which will complement the INR 100 lakh crore investment plan for infrastructure development over the next five years; this will boost the demand for steel in various sectors thereby enhancing steel usage.”
Mr. Scindia used the example of Tata Steel Europe using hydrogen-based steel making and Hisarnar technology, along with CCUS (Carbon Capture, Usage, and Storage) method, one of the promising manufacturing practices, “The commercialization of these technologies might take some time. During the interim period, continuous improvement shall be made in the existing technologies to yield efficiency and reduce carbon footprint.”