Steel Industry

Addressing the Global Zinc Summit, he said that the Indian Railways and Steel Authority of India Ltd (SAIL) are working together to produce corrosion free steel. "With anti-corrosion features and quality to prevent oxidation in steel products, zinc has tremendous marketing potential for sectors like renewable energy and rural electrification.

India currently is the fourth largest producer of zinc in the world and 80 per cent of zinc produced in India is consumed domestically, the minister said. India has already emerged as the second-largest steel producer in the world and its per capita steel consumption has gone up from 57 kg to 78 kg during the last nine years, Scindia said.

JSW Group would build the 3-D model green steel plant in two phases. The first phase of the KSP involving an investment of Rs 3,300 crore and having an annual production capacity of 10 lakh tons will be commissioned in 24 to 30 months and in the second phase, the production capacity of the plant will be enhanced by 20 lakh tons with an additional investment of Rs 5,500 crore.

Union Minister for Steel Jyotiraditya Scindia said that the Central government stands firm on its commitment to the material recycling industry, a sector that needs to be encouraged and pushed forward in today's world. The recycling industry contributes almost Rs 10,000 crore to India's GST and in the years to come, it is expected to go up by Rs 35,000 crore.

Amid this scenario, Indian steel makers have sought suo moto safeguard in terms of import duty of up to 25 per cent on ad-valorem basis, in the forthcoming union budget. In a representation to the finance ministry, the domestic steel makers have also sought reinstatement of anti-dumping measures on HR coil, sheets and plates as well as colour coated and wire rods.

In November 2022, coal production with a weightage of 10.33 per cent, grew by 12.3 per cent over corresponding period. From April to November 2022, compared to the same period the year before, its cumulative index rose by 17.2 per cent. However crude oil output, which has a weightage of 8.98 per cent in the index, fell by 1.1 per cent in November 2022 as compared to corresponding period of last year.

The government had withdrawn the export duty on iron ores lumps and fines below 58 per cent Fe content, iron ore pellets and the specified steel products including pig iron last Saturday. The import duty concessions on Anthracite / PCI coal, coking coal, coke and semi coke and ferronickel were also withdrawn.