FinMin rejects the plan to establish body for procuring green steel

Says most steel for projects is purchased indirectly through contractors rather than the govt

The finance ministry has rejected a proposal by the steel ministry to establish a central organisation for the bulk procurement of green steel. It cited that most steel procured for government projects is purchased indirectly through contractors rather than directly by the government, making such an organisation unnecessary, officials told Business Standard.

 

The steel ministry did not respond to queries sent by Business Standard on this matter.

 

Green steel refers to steel produced using environmentally friendly methods that reduce carbon emissions, typically by replacing fossil fuels with renewable energy sources such as hydrogen or electricity from wind and solar power.