Indian steel PSUs expanding global presence to achieve higher production by 2030
Nagpur: In a bid to explore reserves of key minerals needed for steel making abroad, and eyeing new markets for the commodity as well, three PSUs — Steel Authority of India Limited (
), National Mineral Development Corporation (NMDC), and Metallurgical and Engineering Consultants (MECON) — will be opening their offices in Dubai by the end of June.
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Eventually, Nagpur-headquartered Manganese Ore India Limited (MOIL) will also join with a setup in the country, Union steel secretary Sandeep Poundrik told TOI on Sunday.
Even though there is enough domestic output of iron ore, the country needs to increase the supplies of coking coal, manganese, limestone, and even some of the critical minerals. The idea is to explore the reserves in other countries to meet the shortfall.
Poundrik was in the city to attend the 63rd foundation day of MOIL on Sunday.
Manganese is needed for strengthening steel in its manufacturing process. Soon, MOIL chairman-cum-managing director (CMD) AJ SAxena will be visiting Gabon to explore the opportunities for manganese mining in the country. The govt is also eyeing critical minerals in Brazil and Argentina, said the officer.
Poundrik said Dubai has been chosen for opening the PSUs' office because a large part of the African market is controlled from there.
Among Gulf countries, Oman has a sizeable quantity of limestone reserves, which again is a key input for steel making. With the availability of gas in the Middle-Eastern countries, the govt is also eyeing scope for DRI grade of steel from India, said the officer.
Poundrik said the country is currently making 151 million tonnes of steel, with around 9.5 million tonnes being imported. The country is a net importer at present because of China dumping the commodity.
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A safeguard duty has been imposed, and it is expected to yield results. However, by 2030, India's production is expected to reach 300 million tonnes, with the capacity reaching around 400 million tonnes, he said.
On the recent move of the European Union (EU) tightening restrictions on steel imports, Poundrik said India would take time to bring down the carbon imprint. EU nations have to follow the norms under the carbon border adjustment mechanism on this.
With predominantly blast furnace technology in India, it would still take time to meet the EU norms. However, India is not much dependent on the EU, and there is a vast global market for its steel, he said.
MOIL achieves highest quarterly production
MOIL CMD Ajit Kumar Saxena said this quarter the company achieved the highest ever quarterly production at 5 lakh million tonnes in this fiscal. Never before could this level be reached. He was speaking at the company's foundation day function on Sunday. The company also undertook exploration of almost 107km in last fiscal. MOIL's production in the last fiscal stands at over 18 million tonnes, and it is confident of meeting the target of 35 million tonnes by 2030, he said.
Later, Poundrik said he was confident that MOIL's contribution to the steel sector would go beyond 50%. He said that MOIL's production is expected to even cross 35 million tonnes, touching over 40 million tonnes by 2030.
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