Steel Industry Leverages AI & Green Finance for Growth

• Leaders to discuss AI adoption, green transition, and raw material availability
• Renewable energy GST reduced to 5%, promoting green power and lowering coal use
• Rooftop solar adoption boosted, supporting India’s net-zero goals and PM Surya Ghar scheme

Recently, representatives from the steel industry will gather to discuss options for growing the sector through the use of artificial intelligence (AI) along the steel value chain, funding the green transition, and securing raw materials.

The discussions will occur during the upcoming two-day Steel Conclave 2025 on September 8th and 9th, in New Delhi, and will include participation of Union Steel Minister H D Kumaraswamy and Bhupathiraju Srinivasa Varma, Minister of State (MoS), Heavy Industries and Steel.

In a statement, Indian Steel Association (ISA) said, "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".

In addition to growth strategies, the Steel Conclave will discuss opportunities for decarbonising the sector, price risk management and achieving logistical and infrastructure efficiencies in the steel sector. The goal of the discussion is to investigate sustainable and technology-enabled options for the steel industry to overcome key operational and environmental challenges.

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"We are working towards a resilient, future-ready steel sector that strengthens India's position globally while addressing sustainability imperatives", added Naveen Jindal, ISA President.

In a related statement, the Indian Steel Association (ISA) mentioned that the government's change in its Goods and Services Tax (GST) slab on renewable energy products was reduced on 12% to 5 % tax rate and will help to boost the industry's transition to renewable energy and drive down the reliance on coal-based energy (currently nearly 85% of energy consumption in the steel sector), as well as impact significantly down carbon emissions overall.

Fujiyama Power Systems stated that the GST reduction would also lower the cost of rooftop solar installations, which will allow for quicker deployment for residential, commercial, and institutional consumers.

The reform also adds momentum to India's target of net-zero and gives additional viability to initiatives like the PM Surya Ghar Muft Bijli Yojana, which will help to promote a greener more sustainable energy future for the steel sector.