Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The steel industry's biggest challenge is ensuring a reliable and sustainable power supply, and nuclear energy could be the solution, according to former POSCO Chairman Kwon Oh-Joon. Speaking at the Global Steel Innovation Forum, Kwon emphasized the growing energy demands of the steel sector and advocated for investment in nuclear power plants as a strategic move to secure energy stability.
"As the steel industry evolves with advanced manufacturing technologies and digitalization, its energy requirements are soaring. To remain competitive and sustainable, we must prioritize energy security through reliable sources like nuclear power," Kwon stated.
The steel industry is one of the most energy-intensive sectors, heavily dependent on consistent and affordable power. With the global push for carbon neutrality, traditional coal-based energy is becoming less viable. Kwon argued that nuclear energy, with its low carbon emissions and high efficiency, is the best option to support the industry's growth while meeting environmental commitments.
He also highlighted how countries like Japan and South Korea are already leveraging nuclear energy to power industrial growth, urging other steel-producing nations to follow suit.
Industry analysts echo Kwon's sentiments, noting that securing energy through nuclear power could shield the steel sector from volatile energy prices and supply chain disruptions. They also emphasized the need for strategic investments and policy support to develop next-generation nuclear technologies.
Kwon’s bold vision underscores the strategic importance of energy security for the future of the global steel industry. As the sector continues its digital transformation and sustainability journey, nuclear power could play a crucial role in shaping its success.
Also Read : Tata Steel to invest $2.1 billion in Singapore-based T Steel Holdings. India's steel trade deficit grows to ₹8,888 crore, highest in recent years
Vedanata Ltd's total aluminium production surged 4% to 5,98,000 tonne in the fourth quarter of FY24,...
Large Corporate 05-Apr-2024
Uttar Pradesh recorded the highest number of vehicle sales in October-December 2023, followed by Mah...
Automobiles 17-Feb-2024
According to JSW Steel filing, company's consolidated crude steel production in April remained almos...
Large Corporate 13-May-2024
A recent analysis by ICRA, a prominent credit rating agency, suggests that introducing new mining ca...
Raw Material 27-Aug-2024
Shell expects the value of the German biomethane market to increase due to rising demand for cleaner...
Europe 20-Feb-2024
Global crude steel production increased by 0.5 % in June 2024 to 161.4 million tonnes (MT) compared...
Ferrous 26-Jul-2024