SAIL, John Cockerill to invest around ₹6,000 crore in building downstream steel plant
Steel Authority of India and John Cockerill India will jointly invest around ₹6,000 crore on setting up a downstream plant for steel, which will be used for the production of cold-rolled grain-oriented and cold-rolled non-oriented types of electrical steel, sources aware of the development said.
The hot-rolled coils (HRCs), a form of finished steel to be used as raw material for this plant, will be supplied from SAIL, while the downstream unit itself is likely to be set up at one of SAIL's existing plants, they said. While a final call on where the plant will be set up is yet to be made, the project is expected to come on-board between 2027 and 2029, they said.
In November last year, SAIL had signed a memorandum of understanding with John Cockerill India for green steel technologies and innovation, with a focus on carbon steel, green steel and silicon steel.
The downstream plant is likely to have a capacity of 1.5 millions tonne per annum, while SAIL is likely to set up an electric arc furnace to make the green steel, which will then be used to make cold-rolled sheets.
Last month, the government defined green steel as that produced from a steel plant with CO2 equivalent emission intensity of less than 2.2 tonnes of CO2 per tonne of finished steel. The steel industry is one of the most carbon-intensive and accounts for as much as 7% of global emissions. India produces the maximum amount of steel in the world after China.
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