8AUGUST 2024AM/NS INDIA LAUNCHES NEW COLOR-COATED STEEL PRODUCTINDIA'S STEEL SECTOR ESTIMATED TO HIT $2.7B REVENUE MILESTONE: DELOITTEAM/NS India has announced the launch of 'Optigal', a new color-coated steel product developed by the house of Arcelor Mittal. With this, the company intends to cater to a growing demand from the building industry apart from manufacturers of appliances and white goods. "The demand for color-coated steel is likely to grow at 8-10 percent a year,'' the company's Director for Sales and Marketing, Ranjan Dhar, said. Currently, in India, the consumption is about 3.2 million tons of color-coated steel per annum. The value-added segment will grow at a higher rate than base-grade steel.The 700,000 tonnes per annum capacity in color-coated products at present allows AM/NS India to take forward the position of being the fourth-most widespread steel producer in the region. It anticipates the capacity to manifold up to 1 million tonnes in the coming years with the new product, 'Optigal' being made at the Pune site and other sites to be added on later.Another area in which the company is aiming is further product offerings from the portfolio of ArcelorMittal and Nippon Steel, which could be introduced to the Indian market. The investment in process and digital technologies across India's steel value chain is expected to significantly rise to USD 2.7 billion by 2030, according to a FICCI-Deloitte report. These advancements will enhance technological capabilities, contributing to a more efficient and sustainable mining and steel industry in the country. This rise in investment marks a leap from the current USD 1-1.2 billion projected for 2024.The year 2030 is pivotal for the Indian steel sector as the National Steel Policy 2017 envisions expanding the nation's steel-making capacity to 300 million tonnes by that year. In tandem with this, per capita steel consumption in India is expected to increase to 160 kg by 2030 and further to 220 kg by 2047.The report emphasizes that digital tools can help the steel industry achieve better environmental compliance by improving energy efficiency and enhancing emissions monitoring. In addition, digitalization can offer the flexibility and scalability needed to adapt to evolving market conditions, foster innovation, and improve worker safety.Rajib Maitra, Partner at Deloitte India, highlighted the transformative impact of AI and digital technologies on the mining and steel sector while acknowledging the practical challenges of integrating new systems with existing infrastructure and managing the associated costs of such technological upgrades. The integration of digital technologies is seen as a key factor in unlocking new capabilities across the industry. TOP STORIES
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