Construction Industry News
India has emerged as 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 indicated that both domestic and global demand for steel will continue to grow in the coming years.
Varma stressed that the steel sector is at a crucial juncture in its life cycle, with the future direction being shaped by digitalisation and a focus on sustainable steel production to reduce carbon emissions and environmental impact. He made these comments at an event in the national capital.
He also praised the sector's technological innovations and material efficiency, which have boosted global steel production to nearly 2 billion tonnes, while global capacity stands at nearly 2.5 billion tonnes.
Varma recalled that Prime Minister Narendra Modi at the COP26 summit on November 2, 2021, pledged that India would reduce its carbon intensity by over 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 about 12% of the country’s total emissions, with an emission intensity of 2.5 tonnes of CO2 per tonne of crude steel produced, Varma noted.
Subhankar Sen, Business Head, BPCL, stressed that Bharat Petroleum’s MAK Lubricants are supporting the impressive growth of the steel industry, which is expected to reach 300 million tonnes by 2030, while focusing on sustainable practices and green steelmaking.
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