A vibrant steel industry has historically been the foundation of a nation’s rapid industrial development. Steel is a crucial input to several downstream ecosystems, such as construction, mobility and automotive, or for mechanical engineering companies. A robust and competitive steel sector signifies a strong economic growth of a country.
In the past couple of years the sector has witnessed a noticeable slowdown in growth due to the decline in trade and manufacturing activity across most industrial sectors, higher policy uncertainty, tightening of financial conditions and increased trade tensions among major economies of the world. Global Steel industry is undergoing a subtle shift across dimensions of technology of steel manufacturing, raw material sourcing, finished steel quality, green field capital investments and environmental sustainability.
The Indian steel industry is competitive at global level despite significant cost of funds, cost of logistics, cost of raw material. In order to drive the next level of growth and a first mover advantage in terms of technological transformation, the Indian steel industry needs to invest in research and development, rethink its production processes and deliver substantial emission reductions in order to stay competitive and contribute to climate neutrality.
Against this backdrop, the Confederation of Indian Industry is organizing the Steel Summit 2022 with the theme “Vision 2047: Towards a Globally Competitive & Sustainable Steel Industry” on 22nd December 2022 at Kamal Mahal, ITC Maurya, New Delhi. The Summit aims to have high-value deliberations on the key themes that will help the Indian Steel industry to reach the next level of growth.