Steelmakers Need Collaboration for Global Competitiveness: Minister

Bengaluru, Nov 21 (PTI) Union Steel Minister H D Kumaraswamy has said that steelmakers need to collaborate with leading institutions like Indian Institute of Science (IISc) and IITs for research to create a
globally-competitive and technologically-advanced steel industry.

He said India's steel sector stands as the backbone of its industrial strength and a cornerstone of nation-building. "From skyscrapers to highways, railways to defence, steel powers our progress and fuels our ambitions."
Speaking on the occasion of the National Metallurgists Awards ceremony here on Wednesday, he said: "To create a
globally-competitive and technologically-advanced steel industry, our steelmakers need to collaborate with leading institutions like IISc and IITs (Indian Institutes of Technology) for research."
Specialty steel, Kumaraswamy said, is also a crucial sector where
research and innovation is the need of the hour.

The Minister said that under the leadership Prime Minister Narendra Modi, the country is on a path towards becoming a USD five trillion economy, and steel will remain at the heart of this transformation, showcasing India's resilience and reinforcing its leadership on the global stage.
"Yet, challenges persist — volatile markets, sustainability imperatives and the need for
innovation," he noted.

Kumaraswamy assured that the Government remains steadfast in its support for the steel industry, evident through forward-looking initiatives like the National Steel
Policy 2017, and the Production-Linked Incentive (PLI) Scheme for Specialty Steel, promoting

circular economy and scrap recycling.
According to him, India's unwavering commitment to achieving net-zero emissions by 2070 places the steel industry at the forefront of this transformation.
"By adopting hydrogen-based steelmaking and renewable energy, the sector is setting a global benchmark for sustainable production and aligning with our national mission to combat
climate change," he said.