SEATTLE (Scrap Monster): TV Narendran, Managing Director, Tata Steel shared bright future prospects for recycling industry. The recycling industry is expected to be bigger than mining industry over the next two to three decades time, he said while addressing the National Management Convention organized by the All India Management Association (AIMA).
According to him, the world consumes more steel than any other metal in the world. The use of steel is around 40 times more than other metals. The affordability feature of the metal makes it a vital commodity. For instance, the price tag for a kilogram of steel is only INR 55, which is lower than the per kg price of common staples in the country.
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At the same time, he acknowledged that there are several challenges associated with steel production. The industry contributes approximately 8% of the world’s total carbon footprint. The widespread use of recycled steel as a substitute for coal along with use of hydrogen could lead to significant cut in carbon emissions.
Narendran foresees tremendous growth in steel recycling industry in the future. In a matter of few decades, it will surpass the mining industry. The companies that form the industry must focus on maintaining a balance between short-term and long-term goals, he added.
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