The Minister of State for Steel and Heavy Industries, Sri Bhupathiraju Srinivasa Varma, officially opened the MMMM 2024 event. This major event, held from September 27 to 29, 2024, at Yashobhoomi, features an international conference on “Process & Product Innovations in Metal Production” and an Open Seminar on Green Steel Production. The event is organized by Hyve India Ltd, IIM Delhi Chapter, Metalogic PMS, and the World Metal Forum.
Growing Importance of Steel Production
During his speech, Minister Varma praised the technological innovations and material efficiency that have helped grow global steel production. The industry has seen immense growth, producing nearly 2 billion tonnes of steel globally, compared to the small amounts produced in the past. The global steel capacity is now about 2.5 billion tonnes.
He also noted that India is currently the second-largest steel producer in the world, with a production capacity of 178 million tonnes and actual production of 144 million tonnes in FY’24. The Minister emphasized that India’s demand for steel will continue to grow, and the future of Indian steel looks very bright.
A Future Built on Digitisation and Sustainability
Minister Varma highlighted that the steel sector is at a watershed moment. He said that the industry’s future lies in digitizing processes and focusing on sustainable steel production. This will help reduce the industry’s carbon footprint, which is essential for environmental preservation.
India’s Commitment to Carbon Reduction
The Minister reminded everyone that Prime Minister Narendra Modi made a commitment during COP26 in November 2021 to reduce the carbon intensity of India’s economy by 45% by 2030. India also plans to achieve Net Zero emissions by 2070.
Globally, the steel sector accounts for about 8% of total emissions, with an average emission intensity of 1.89 tons of CO2 per tonne of crude steel. However, in India, the sector contributes 12% of the total emissions, with an emission intensity of 2.5 tons of CO2 per tonne of crude steel.
Ministry’s Action Plan for Decarbonising Steel Production
Recognizing the urgent need to reduce emissions, the Ministry of Steel has released a detailed report titled “Greening the Steel Sector in India: Roadmap and Action Plan.” This report is based on recommendations from 14 Task Forces and outlines strategies to decarbonize the steel industry.
The key recommendations include:
- Energy Efficiency measures
- Using Renewable Energy
- Implementing Green Hydrogen technologies
- Transitioning from coal-based DRI (Direct Reduced Iron) to natural gas-based DRI
- Developing Carbon Capture, Utilisation, and Storage (CCUS) technologies
- Using biochar in steel production
Benefits of Decarbonisation for Steel Companies
Sri N N Sinha, former Secretary of the Ministry of Steel, referenced a report by Boston Consulting Group (BCG), which found that companies focusing on decarbonization can improve their profits. The report suggests that companies could reduce their emission intensity by 10% to 40% through internal improvements.
Mr. Sinha urged Indian steel companies to take action, as the government has already laid out a clear path to reducing emissions. By following this path, companies can improve their environmental impact while also boosting their financial performance.
Supporting Sustainable Steel Production
Sri Subhankar Sen, Business Head at BPCL, emphasized that MAK Lubricants from Bharat Petroleum are supporting the steel industry as it aims to grow to 300 million tonnes by 2030. He pointed out the increasing importance of sustainable practices and green steel production.
Conference on Innovations in Metal Production
During the event, Minister Varma also released the Conference Volume and Souvenir for the International Conference on Process and Product Innovations in Metal Production, organized by the Indian Institute of Metals-Delhi Chapter.
In his address, the Minister encouraged the steel industry to focus on process innovation and to work together with academia, R&D organizations, capital equipment producers, and metal-using sectors. By doing so, the industry can transition to low-carbon metal production, ensuring a sustainable future for steel.
The Way Forward
The MMMM 2024 event is a step toward creating a more sustainable steel industry. With process innovations, collaboration between industry and research, and a focus on green steel, India is well on its way to becoming a leader in both steel production and environmental responsibility.
The event highlights the growing global demand for steel and the need for the industry to adopt eco-friendly technologies. By prioritizing sustainability, India can continue to grow its steel production while reducing its impact on the environment.
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