India's steel sector at a turning point, set to hit 300 MT by 2030

30 Sep 2024 CW Team

India has become the second-largest steel producer, with a production capacity of 178 million tonnes and an output of 144 million tonnes in FY24. This figure is expected to rise to 300 million tonnes by 2030.

Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma, mentioned that both domestic and global demand for steel will continue to grow in the coming years.

Varma emphasized that the steel sector is at a pivotal moment in its lifecycle, with its future direction being shaped by digitalization and a focus on sustainable steel production to reduce carbon emissions and environmental impact. He made these remarks during an event in the national capital.

He also praised the sector's technological innovations and material efficiency, which have driven global steel production to nearly 2 billion tonnes, with global capacity nearing 2.5 billion tonnes.

Varma recalled that Prime Minister Narendra Modi, during the COP26 summit on November 2, 2021, pledged that India would reduce its carbon intensity by more than 45% by 2030 and achieve Net Zero emissions by 2070.

Globally, the steel sector accounts for about 8% of total emissions, with an emission intensity of 1.89 tonnes of CO2 per tonne of crude steel produced. In India, however, the sector contributes around 12% of the country's total emissions, with an emission intensity of 2.5 tonnes of CO2 per tonne of crude steel, Varma noted.

Subhankar Sen, business head at BPCL, highlighted that MAK Lubricants from Bharat Petroleum are supporting the steel industry's impressive growth, which is projected to reach 300 million tonnes by 2030, while also focusing on sustainable practices and green steel production.

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