New Delhi: Bhupathiraju Srinivasa Varma, Minister of State for Steel and Heavy Industries, inaugurated MMMM 2024, a comprehensive event focused on innovations in the metal production sector. The event, held at Yashobhoomi from September 27-29, 2024, includes 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, the Indian Institute of Metals (IIM) Delhi Chapter, Metalogic PMS, and the World Metal Forum.
In his address, Minister Varma lauded the significant technological advancements that have propelled global steel production to nearly 2 billion tonnes, compared to the modest output of earlier eras. He emphasized India’s growing demand for steel and highlighted the nation’s status as the second-largest steel producer, with a capacity of 178 million tonnes and production of 144 million tonnes in FY’24.
“The steel sector is at a critical juncture in its life cycle, and the future lies in digitalization and sustainable steel production to minimize emissions and reduce the industry’s environmental carbon footprint,” Varma stated. He also pointed out that steel production contributes around 12% of India’s total emissions, with an intensity of 2.5 tons of CO2 per tonne of crude steel produced, compared to the global average of 1.89 tons of CO2.
Citing Prime Minister Narendra Modi’s COP26 pledge to reduce the carbon intensity of India’s economy by 45% by 2030 and to achieve Net Zero by 2070, Varma stressed the importance of decarbonizing the steel sector. He introduced the Ministry of Steel’s recent report, “Greening the Steel Sector in India: Roadmap and Action Plan,” which outlines technological solutions like renewable energy, green hydrogen, and carbon capture utilization and storage (CCUS).
Former Secretary of the Ministry of Steel, N N Sinha, highlighted a report by Boston Consulting Group (BCG) that shows companies pursuing decarbonization could improve their bottom line, with the potential for a 10% to 40% reduction in emission intensity through internal improvements. He urged Indian steel companies to embrace this opportunity, as the government has laid out a clear decarbonization pathway.
At the event, Subhankar Sen, Business Head of BPCL, emphasized that Bharat Petroleum’s MAK Lubricants are aligned with the steel industry’s growth and sustainability efforts, projecting the sector to reach 300 million tonnes by 2030.
Minister Varma also released the conference volume and souvenir of the International Conference on Process and Product Innovations in Metal Production organized by the Indian Institute of Metals. He called for robust collaboration between primary and secondary metal producers, R&D organizations, and capital equipment producers to drive the transition toward low-carbon metal production.