MECON Limited, in collaboration with SAIL and under the aegis of the Ministry of Steel, Government of India, is hosting a two-day International Conference on Steel (ICONS-2024): Focus on Capital Goods on 30th and 31st May 2024. The event aims to unite the brightest minds and leading stakeholders from the steel industry, including technology providers, steel producers, manufacturers, and academia, to foster new partnerships, explore innovative solutions, and drive the future of the steel industry.
Nagendra Nath Sinha, in his special address, highlighted the critical challenges in project planning and execution within the steel industry in India. He stressed the importance of finding innovative solutions for timely project completion to ensure the long-term sustainability of steel projects. He also emphasised the need for new ways of working, fresh ideas, and the induction of new talents to rejuvenate the heavy industry sector.
Abhijit Narendra pointed out that despite India being the second-largest steel producer, there are limitations in the domestic production of machinery for the steel industry. He advocated for the creation of an ecosystem that includes all stakeholders to address these challenges. CMD of NMDC emphasised that while India is a service sector-driven economy and the fifth-largest globally, the manufacturing sector requires significant growth. He called for a consistent interaction between technology providers and buyers to stay updated on future possibilities and requirements.
CMD of MOIL underscored the strategic importance of the capital goods sector, describing it as the foundation of the manufacturing industry. He highlighted the necessity for integrated steel plants to have substantial engineering workshops. Meanwhile, CMD of SAIL discussed the increasing challenges in securing the supply chain amid global volatility, emphasising the development of a comprehensive and sustainable ecosystem for the production of indigenised capital goods.
Sanjay Kumar Verma from MECON elaborated on the National Steel Policy (NSP) of 2017, noting the target to reach 300 million tonnes of steel capacity. This goal involves adding approximately 138-139 million tonnes of new capacity over the next 7-8 years, requiring an investment of $120-130 billion from the Indian steel industry. He mentioned that about 15-20% of steel plant equipment is expected to be imported, totalling around $18-20 billion, along with spares worth $400-500 million. To bolster domestic manufacturing, strategies like technology transfer and the establishment of manufacturing units by international technology providers in India were deemed essential.
The first day of the conference also included four technical sessions focusing on trends and challenges in coke making, agglomeration, iron making, and steel making technologies. Senior representatives from manufacturing companies, iron and steel producers, equipment suppliers, and engineering and consultancy firms were present, underscoring the collaborative willingness to address industry challenges.
