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Steel Secretary Nagendra Nath Sinha has said that India's steel capacity has crossed 161 million tones, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF) and 58 MT by induction furnace (IF) route. He also noted that the steel sector in India is poised for continued growth. As per the National Steel Policy, India has an ambitious target of installing 300 MT steel capacity by 2030.

Steel Secretary further said that India is the world's fourth-largest automobile market, and it is expected to grow at a CAGR of 8-10 per cent over the next 10 years. Moreover, the manufacturing sector saw a Compound annual growth rate (CAGR) of 7-8 per cent and this is driving demand for steel in both the sectors.

Besides, Sinha stated that embracing low carbon technologies, collaborating with stakeholders, and adopting green practices are essential for the industry's long-term sustainability and alignment with national and international environmental goals. On the EU's Carbon Border Adjustment Mechanism (CBAM), he said it has thrown a significant challenge to the steel industry.