India targets 604 MT steel capacity by 2047, plans to cut carbon intensity: Report

The government, late on Saturday, introduced a draft steel policy for public consultation which targets 604 million metric tons of steel capacity by 2047 from the current 220 million tons level, as reported by Reuters News.

Reuters had earlier reported that the policy gives plans to reduce emmissions from sectors and improve access to coking coal and iron ore which are major raw materials and are anticipated to meet expected demand.

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The draft steel policy is looking to slash the industry's average carbon-emission intensity to around 1.54 tons of carbon dioxide for every ton of crude steel by 2047 from the present 2.54 tons, coming in tandem with the country's net zero emission goal for 2070, as reported by Reuters.

India's steel ministry is expecting iron ore demand to reach 772 million tons and is planning to keep access secured for high-grade reserve by looking for joint ventures and foreign assets, according to the report.

The ministry further expects coking coal demand at 236 million tons, with India planning to diversify sourcing.