Jindal Stainless working on Scope 3 emissions

Jindal Stainless, which makes stainless steel products for sectors like transportation and construction, is working on its Scope 3 emissions and is ready for the European Union’s Cross Border Adjustment Mechanism (CBAM).

Jindal said that while EU’s carbon tax is a challenge for the whole industry, the company, which is already 95% scrap based, is focusing on Scope 3 emissions by bringing all its suppliers on a technological automated platform.

The stainless steel maker, which recently completed one million tonne expansion in Odisha to be a 2.9 mtpa player and one of the top 10 stainless steel producers globally, expects 20-25% increase in production this fiscal.

Stainless steel was dominated by the utensil sector 30-40 years back. Now the application of stainless steel has widened to various sectors like railways, automotive, transportation, bridges, airports, metro stations and coastal infrastructure.

However, Jindal said that the domestic market is witnessing large scale dumping of subsidized and substandard stainless steel by China. He has requested the government to check these imports by putting anti-dumping duty.

Indian import of Chinese stainless steel has increased by 318% in two years between FY21 and FY23. This has impacted the capacity utilisation of local industry which is running at below 50%, he said.