Jindal Steel launches 6-MTPA integrated steel plant in Odisha

What is in news?

Jindal Steel and Power Limited (JSPL) has launched its 6 million tonne per annum (MTPA) integrated steel plant at Angul (Odidha). The plant was dedicated to the nation by Naveen Patnaik, Chief Minister of Odisha, on May 27, 2017.

Significance:

JSPL’s integrated steel plant at Angul will provide direct employment opportunities to over 30,000 people and indirect employment to over 1 lakh individuals. The completion of plant spread over 3500 acres at Angul, with an investment of Rs 33,000 crore, ramps up JSPL’s iron & steel making capacities significantly.

Features of national steel policy 2017

1.Aims to create self-sufficiency in steel production by providing policy support and guidance to private manufacturers, MSME steel producers, CPSEs

2.Encourages adequate capacity additions and promote the development of globally competitive steel manufacturing capabilities.

3.Facilitates foreign investment and aims to enhance the domestic steel demand.

4.Promote cost-efficient production.

5.Aims to ensure the domestic availability of iron ore, coking coal & natural gas and other raw materials at competitive prices.

6.The policy envisages the achievement of crude steel capacity of 300 million tonnes (MT), production of 255 million tonnes (MT) and a robust finished steel per capita consumption of 158 Kgs by 2030 – 31. At present the current consumption is 61kgs.

7. The policy aims to meet the entire demand of high-grade automotive steel, electrical steel, special steels and alloys for strategic applications through adequate local production.

8. It aims to increase domestic availability of washed coking coal in order to reduce import dependence on coking coal from about 85% to around 65% by 2030-31.

9.All the government tenders would give preference to domestically manufactured iron and steel products.

10. The domestic manufacturers who import raw materials or intermediate products will be able to claim the benefits of the domestic procurement provision if they add a minimum of 15% value to the product.

11. R&D in the steel sector would be carried out through the establishment of Steel Research and Technology Mission of India (SRTMI).

Indias status in case of steel:

India is the third largest producer of steel globally. The steel sector is contributing to about 2% of the country’s GDP.

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