India unveils steel policy aiming for 604 million tons capacity by 2047
- The steel ministry expects iron ore demand at 772 million tons and plans to secure access to high-grade reserves by pursuing foreign assets and joint ventures
India's draft steel policy aims to significantly boost capacity by 2047 while cutting emissions and securing critical raw materials like iron ore and coking coal.
- India's steel capacity targets by 2047.
- Plans to reduce steel sector carbon emissions.
- Strategies for securing iron ore and coking coal.
NEW DELHI: India released a draft steel policy for public consultation late on Saturday, targeting 604 million metric tons of steel capacity by 2047 from around 220 million tons at present.
Reuters reported last week, citing the draft document, that the policy lays out plans to cut sector emissions and shore up access to iron ore and coking coal — key raw materials — to meet anticipated demand.
The policy aims to cut the sector’s average carbon-emission intensity to around 1.54 tons of carbon dioxide per ton of crude steel by 2047 from the current 2.54 tons, in line with India’s net zero emission goal for 2070, according to the draft document.
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The steel ministry expects iron ore demand at 772 million tons and plans to secure access to high-grade reserves by pursuing foreign assets and joint ventures, the document said.
The ministry also expects coking coal demand to reach 236 million tons, the document said, with the government planning to diversify its sourcing via “strategic global outreach” and acquire overseas assets.