The Indian government will push primary domestic steel producers to use 50 percent of their input from ferrous scrap by 2047 to achieve a faster movement into the circular economy, minister of steel Jyotiraditya Scindia said in a statement on Monday, February 6.
The minister pointed out that only 22 percent of Indian steel is produced from scrap and that it is necessary for the industry to increase steel output through higher usage of scrap.
“It is our commitment that by 2030 we should reduce CO2 emissions by 50 percent and to be able to do that scrap is an extremely important source. The use of scrap not only saves energy and emissions but also saves the consumption of iron ore, cooking coal, and limestone. With the Vision of 2047, today’s scrap usage will increase to almost 25 per cent in the next five years, which means the percentage of scrap for the production of steel should go up to 50 percent, with only 50 percent being dependent on iron ore,” he said.
Stressing that the steel industry is a sub-segment of the recycling sector, it must be at the forefront of adaptation and mitigation by joining hands with the principle of the 6 Rs: Reduce, Recycle, Reuse, Recover, Redesign and Remanufacturing, and that these principles of the six R’s must become the embodiment of every good corporate governance structure, Scindia said.
