After Kalyani Steels became India’s first green steel production, all major Indian steel firms are transitioning to green steel but need inexpensive green electricity and hydrogen to make the move financially viable.
The Minerals & Metals Committee of PHD Chamber of Commerce and Industry held a Conclave on “Transitioning Towards Green Steel” on 4 February 2023.
The Conclave’s Chief Guest, Neha Verma, IFoS, Director, Ministry of Steel, noted that as India’s economy grows, so will steel consumption and emissions.
Indian steel production is expected to reach 300 million tons per year by 2030 and 500 million by 2047. Thus, the Indian government is focusing on green growth, as seen in the 2017 Budget.
Verma listed five approaches to decarbonize the steel sector: energy efficiency, RE, input material efficiency, green hydrogen, and carbon capture and storage. She urged the industry to invest more in R&D and adopt creative technologies instead of capital-intensive ones like green hydrogen, which may take years to become viable.
In his Theme, Anil Kumar Chaudhary, Chair, Minerals & Metals Committee, PHDCCI, stated that Indian steel manufacturers are dedicated to developing low-carbon steel, which will be necessary for exporting to Europe or securing FIS assistance.
Tobias Winter, Director, Indo-German Energy Forum, the Guest of Honor, spoke on global decarbonization of the steel sector, especially in Europe, and how India can create low-carbon steel with inexpensive solar and wind electricity. He shared European green steel success tales.
V R Sharma, Vice Chairman, JSP Group Advisor Services, stated that India can easily transition to green steel if steel makers can receive Green Energy or Green Hydrogen near their operations. He said carbon capture and other solutions are accessible but expensive.
Kalyani Steels MD R K Goyal described his company’s accomplishment as India’s first Green Steel producer. He recommended steelmakers to analyze and reduce emission creation at each level of production. He stated that 55% of India’s steel was manufactured by Electric Arc Furnace (EAF)/Induction Furnace, which may be decarbonized utilizing green energy (India has solar and wind power) or green hydrogen.
Jindal Steel & Power, ACME Group, and Ministry of Steel supported the Conclave.