India unveils steel policy aiming for 604 million tons capacity by 2047

India has unveiled a draft steel plan open for public comment, with the document issued late on Saturday. By 2047, the blueprint envisions raising capacity to 604 million metric tons, up from about 220 million tons now, according to Business Recorder. The plan also aims to lower emissions and secure iron ore and coking coal supplies for expected demand.

The draft seeks to bring average emission intensity down from 2.54 to 1.54 tons of CO2 per ton of steel by 2047, a goal linked to the country's 2070 net zero target. Officials also plan to secure access to high-grade iron ore reserves through overseas assets and joint ventures. The government additionally intends to diversify coking coal sourcing through what it calls strategic global outreach.

The steel ministry projects iron ore demand of 772 million tons and coking coal demand of 236 million tons. Reuters had reported on the draft the previous week.