Machine Industries — steel industry

A burning issue - decarbonising the global steel industry Steel is essential in today’s world, and it will be just as essential tomorrow – much of the technology to create a zero-carbon future will use steel in its construction. Yet steel production itself is a highly polluting activity. One of the most ubiquitous materials in the modern world, steel is used in everything from suspension bridges and skyscrapers to surgical scalpels and cookware. The ready availability of the iron ore from which steel is made and the immense versatility of the finished material have made it integral to the way...

This is how the steel industry is forging a path to net-zero The modern world is built from steel – 1.8 gigatons (Gt) were produced last year, 90% of all metal produced globally. From wind turbines to electric vehicles, steel will be an integral enabler of the energy transition. But steel production is a major source of greenhouse gas (GHG) emissions. Most steel is still made using coal to reduce iron ore, a process that emits roughly two metric tons of CO2 per ton of steel. The industry accounts for 7% of global GHG emissions from the energy system –...

Steel industry under rising pressure to produce greener product Companies across the steel sector are looking at greener ways to produce a material used in a wide array of products, including steel tubes used by the oil and gas industry. Source: mediaphotos/E+ via Getty Images Crafting greener steel is crucial to achieving the decarbonization necessary to meet global targets aligned with the Paris Agreement on climate change, but many challenges lie ahead. Steel is an emissions-intensive material used in a broad array of products. Producers are under rising pressure to lower their environmental footprints as investors increasingly focus on environmental,...

Steel industry demands end to fake invoices, protection of legal businesses ISLAMABAD: The representatives from the steel industry have urged Special Assistant to Prime Minister on Revenue, Dr Waqar Masood, and the Federal Board of Revenue (FBR) to curb fake invoices in the steel business as this was hurting and discouraging the documented segment of the industry. In separate letters to the prime minister’s special assistant and FBR, Pakistan Association of Large Steel Producers (PALSP) has complained that the ongoing practice of taking claims/ inputs through fake and flying sales tax invoices was resulting in loss of billions of rupees...

Higher cost of funds denting steel industry’s capacity expansion: Kearney India’s steel industry had targeted a capacity of 180 to 190 MTPA by 2024–2025 and 300 MTPA by 2030. Prior to the Covid-19 outbreak, 10 MT of steel capacity was expected to come on board in the second half of this fiscal year. For India to create a globally competitive steel industry, global consultancy firm Kearney, formerly A T Kearney, has prescribed a wider and deeper government role. While it has flagged the need for a financial stimulus and suggested that the industry should seek concessional interest rate from the government...