Indian state-run steel producer Steel Authority of India (SAIL) and John Cockerill India will invest an estimated $698 million to set up a downstream plant for producing cold rolled grain-oriented (CRGO) and cold rolled non-oriented (CRNO) electrical steel, a joint statement of the companies said on Tuesday, January 14.
The new project has been slated to commence operations in 2027-29 with a production target of 1.5 million mt per year.
The raw material for this plant will be hot rolled coil (HRC) to be provided by SAIL, while the plant can be developed at any one of SAIL’s plants.
This integration is based on the MoU signed in November 2022 under which SAIL and John Cockerill India agreed to work on green steel technologies and new innovation on carbon steel, green steel and silicon steel.
SAIL also intends to set up an electric arc furnace for generating green steel. The Indian government has recently defined green steel as having CO2 emissions of 2.2 metric tons or lower per metric ton of finished steel. Both companies have shared goals to seek new and cost-effective solutions that will change the iron and steel sector in India, the statement said.
