THE STEEL industry contributes around 2 per cent to India’s gdp (gross domestic product) and will act as a foundation for the country to meet its ambition to double its gdp and per capita income to US $6.69 trillion and $4,418, respectively, by 2030. The National Steel Policy, 2017, aims to provide this foundation by increasing India’s steel production capacity from 122 million tonnes (MT) in 2015 to 300 MT by 2030. The urgency to address global excess capacity and cut carbon emissions is driving a shift in how industries operate. The steel industry, which accounts for approximately 8 per cent of global emissions, is no exception.
As India adds new steel production capacity in the coming years to meet growing domestic demand, it is uniquely positioned to embrace sustainable steel production. Aligning with global sustainability goals will offer dual advantages: reducing environmental impact while boosting economic viability.
The role of the circular economy and the use of ferrous scrap offer a pathway to emission reductions while supporting economically viable steel production practices. Every tonne of scrap used in steel production saves 1.1 tonnes of iron ore, 630 kg of coking coal and 55 kg of limestone. It reduces water usage by 40 per cent and greenhouse gas emissions by 58 per cent. Energy savings are also notable, with a reduction from 14 megajoules (MJ) per kg in traditional methods to less than 11 MJ per kg via the electricarc or induction furnace routes.
Considering the positive impacts of steel scrap, India rolled out the Steel Scrap Recycling Policy in 2019. It is built on the premise that scrap steel, once viewed as waste, is a resource that can reduce the industry’s environmental footprint.
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