Tracking Technology Transition in the Indian Steel Sector
This report examines the transition readiness of AMNS India, a joint venture between global majors ArcelorMittal and Nippon Steel. It is the fourth in a series of company-level assessments evaluating the alignment of India’s steel sector with net zero and sustainable industrial growth, produced with Carbon Transition Analytics.
AMNS is India’s joint 4th largest steel producer, and plans to grow from 9.6 Mtpa today to 40 Mtpa by 2035. It has set an ambitious 2030 target to reduce carbon intensity by 18%. The company has also stated aims to align with India’s 2070 net zero ambition.
AMNS’ portfolio of ongoing and announced projects results in significant risk of carbon lock-in.
Key insights from the report:
- Emissions intensity rose to 2.67 tCO₂/tcs in FY24/25.
- 65% of the company’s current capex is aligned with high carbon lock-in risk.
- There is a timing mismatch between planned blast furnace expansions at Eastern sites and the availability of carbon capture and storage, putting the company at risk of exceeding its carbon budget.
- In FY 2024, exports made up 11% of AMNS’ revenue, with 73% going to the EU. These will face rising costs as CBAM is phased in (2026–2034); we estimate export costs will rise by 33%.
