Steel output in India surpasses 161 MT, according to Secretary Nagendra Sinha

 Steel output in India surpasses 161 MT, according to Secretary Nagendra Sinha

In accordance with the National Steel Policy, India aims to add 300 MT of steel capacity by 2030.

Steel Secretary Nagendra Nath Sinha said on Tuesday that India already has more than 161 million tonnes of steel capacity and that the sector is expected to develop further.

In accordance with the National Steel Policy, India aims to add 300 MT of steel capacity by 2030.

Speaking at the "4th Indian Steel Association (ISA) Steel Conclave" event in the nation's capital, Sinha stated, "We have been through 161 million mt of capacity, that make up 67 MT by a blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF), as well as 58 MT by induction furnace (IF) route."

He also emphasized that India's steel industry is well-positioned for future expansion.

India is the fourth-largest vehicle market in the world, and over the next ten years, Sinha said, it would expand at a compound annual growth rate of 8–10%.

The demand for steel is also being driven by the industrial sector, which had a compound annual growth rate (CAGR) of 7-8%. In the steel industry, the production-linked reward system has been doing rather well.

Of the Rs 29,500 crore promised, the industry has spent around Rs 10,000 crore.

The official went on to say that the industry also confronts major obstacles because of carbon emissions and demands from the global market. According to him, embracing low-carbon technology, working with stakeholders, and implementing green practices are crucial for the industry's long-term viability and compliance with regional, national, and global environmental objectives.

Regarding the EU's Carbon Border Adjustment Mechanism (CBAM), he said that the steel sector has been faced with a major obstacle. "There is a lot of room for improvement when it comes to reducing carbon emissions in the steelmaking industry overall.

As the world's markets want, we will soon be exporting low-carbon steel, and I am convinced that the industry's leaders are striving to realign their plans," Sinha said.