Steel industry looks to leverage AI in value chain, boost green transition financing

New Delhi, Sep 7 (PTI) Steel industry stakeholders will gather on Monday to discuss ways to ensure the sector's growth using artificial intelligence (AI) in value chain, financing for green transition and increasing raw material availability.

The discussions will be part of the two-day Steel Conclave 2025 to be held on September 8-9 in the national capital in presence of Union Steel Minister H D Kumaraswamy and Bhupathiraju Srinivasa Varma, Minister of State (MoS) for Heavy Industries and Steel.

"The event will cover leadership for growth of the steel industry, leveraging AI in the steel value chain, increasing iron ore availability for Aatmanirbharta, and financing steel's transition to green growth," apex industry body Indian Steel Association (ISA) said in a statement.

Besides, the leaders will also discuss measures to decarbonising the sector, price risk management, logistics and infrastructure efficiency.

ISA President Naveen Jindal said "We are working towards a resilient, future-ready steel sector that strengthens India's position globally while addressing sustainability imperatives." In a separate statement, ISA said the government's decision to cut GST on renewable energy products to 5 per cent from 12 per cent will help the industry in shifting towards green power, reduce coal-based power consumption component and will significantly cut emissions.

The steel industry alone consumes about 20 pre cent of India's total industrial energy, with nearly 85 per cent of energy coming from coal-based power sources, making energy source as one of the highest carbon-emitting factor for the steel industry's carbon emissions, it said.

Fujiyama Power Systems said this reform is expected to significantly lower the cost of rooftop solar installations, encouraging faster adoption across residential, commercial, and institutional consumers. It also strengthens India's momentum towards its net zero targets and enhances the viability of the PM Surya Ghar Muft Bijli Yojana. PTI ABI HVA