INDIA’S SMALL STEELMAKERS COULD SAVE MONEY AND CUT EMISSIONS WITH SWITCH TO RENEWABLE POWER

A report released on Wednesday found that smaller steel companies in India, responsible for nearly 40% of the country's crude steel production, could significantly reduce their electricity bills and carbon emissions by switching to renewable energy. According to Associated Press, this switch could cut their electricity bills by about a third. The report highlights the potential for renewable energy to reduce costs and emissions in the steel industry.

The report, jointly produced by a consortium of environmental groups and industry bodies, found that renewable electricity could reduce annual power costs by about 22 million to 24 million rupees ($250,000 to $275,000) per unit, or up to 34%. This is significant as electricity accounts for up to 40% of operating costs for many small steel producers. The report's findings are particularly relevant given the current context of rising fuel costs affecting profit margins at many of India's smaller steel companies.

The steel industry is a significant contributor to India's economy, and the country's smaller steel companies play a substantial role in its crude steel production. Reducing emissions and costs in this sector could have a notable impact on the country's overall carbon footprint and economic competitiveness.

• Smaller steel companies in India could cut electricity bills by up to 34% by switching to renewable energy
• Renewable electricity could reduce annual power costs by about 22 million to 24 million rupees ($250,000 to $275,000) per unit
• The report's findings are relevant given the current context of rising fuel costs affecting profit margins at many of India's smaller steel companies

Read the original source for full detail available at Associated Press src