The government released a new steel policy on October 17, 2026, to boost India's crude steel capacity to 604 million tonnes by 2047. Industry leaders said the plan promotes a circular economy and value-added production. Pankaj Malhan said, "The industry welcomes this policy direction and remains committed to advancing refractory recycling."
The proposed National Steel Policy will promote a circular economy and boost value-added production within India, steel industry stakeholders said.
The policy, which builds a roadmap up to 2027 for the sector, also focuses on decarbonisation of the Indian steel industry, they said.
Pankaj Malhan, MD & CEO of RHI Magnesita India, said the recognition of refractory recovery and magnesite raw material security in the draft policy reflects a holistic approach to build a resilient and competitive steel ecosystem.
"The industry welcomes this policy direction and remains committed to advancing refractory recycling, circular economy initiatives, and investments in India," he said.
BMW Industries Managing Director Harsh Bansal said the policy has taken every aspect of the steel industry into consideration.
It focuses on value-added and coated steel production and lifting of secondary steel players, Bansal said.
Rajib Maitra, Partner, Deloitte India, said the policy envisages reducing the sector's average carbon emission intensity from 2.54 tCO/tcs to approximately 1.54 tCO'/tcs by 2047 through four phases.
Satish Kumar Agarwal, Chairman and Managing Director, Kamdhenu Group, said the emphasis on capacity expansion, raw-material security, technological modernisation, speciality steel and decarbonisation opens significant opportunities for integrated steel producers and secondary steel manufacturers in the country.
Deepak Kumar, Managing Director, PS Raj Steels, said that for downstream manufacturers, support for manufacturing clusters and MSMEs, which account for nearly 60 per cent of flat stainless steel capacity, will matter as much as capacity expansion at the top of the value chain.
The government has released a new steel policy to boost India's crude steel capacity to 604 million tonnes by 2047, enhance industry competitiveness and address key import challenges.
According to the draft National Steel Policy 2047, finished steel demand will rise to 505 MT by 2047, per capita consumption to 302 kg and steel exports to 45 MT.