Govt releases draft National Steel Policy 2047, targets 604 MT capacity

The government has released a new steel policy to boost India's crude steel capacity to 604 million tonnes by 2047, enhance industry competitiveness and address key import challenges.

According to the draft National Steel Policy 2047, finished steel demand will rise to 505 MT by 2047, per capita consumption to 302 kg and steel exports to 45 MT.

Raw materials account for around 65-70 per cent of steelmaking costs.

While India is largely self-sufficient in iron ore, it imports nearly 92 per cent of its coking coal requirement.

The policy seeks to reduce import dependence through domestic mining, washery expansion, asset acquisition, long-term supply arrangements, and AI-based optimisation of coal blends.

Other raw materials important for the steel sector, like Manganese, Limestone etc., will also remain in policy focus to ensure long-term resource sustainability.

The secondary steel sector, comprising around 2,550 units and nearly 47 per cent of crude steel production capacity, wil