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Indian Steelmakers May be Mandated to Use Partial Capacity for Green Steel Manufacturing
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2023-08-08
Green steel refers to the production of steel without relying on any fossil fuels. Union Steel Minister Jyotiraditya Scindia hinted that the Indian government may make it mandatory for steelmakers to devote a part of their capacity to green steel manufacturing in the future. The government may also look at ways to ensure greater usage of the green steel in government projects as well, he added.
Scindia said the private sector steel users in India are actually moving towards committing to more and more green steel in their projects and also noted that some manufacturers have already launched branded green steel products. The minister said breakthrough technologies and disruptive innovations like hydrogen-based steelmaking coupled with carbon capture, utilisation and store (CCUS) hold huge promise for the future.
He said India has emerged as the epicentre for the evolution and growth of the steel sector globally and has been able to achieve landmarks like production touching 125 million tonnes and consumption growing over 11 percent in the last nine years. In 2022, even as the global finished steel production declined by 4.2 percent, India could post a 6 percent growth, he said, adding that the per capita steel consumption has now increased to 78 kgs from 57 kgs in 2014.
The overall growth has made investors interested in the sector and the government in March, signed 57 pacts with 27 companies under the production-linked incentive (PLI) scheme, which will add 25 million tonnes to the steel capacity, he said. The capacity addition will see investments of Rs 30,000 crore and also create 60,000 jobs, he added.
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