Jindal Stainless Limited
(JSL), India’s largest stainless steel manufacturer, today highlighted that
India loses approximately $100 billion to corrosion annually. This point was
emphasized at the International Summit on Corrosion Technology & Management
(CORTEM) 2024 held in Hotel Taj Mahal Palace, Mumbai. CORTEM, a global event
organised by the Confederation of Indian Industry (CII), took place on Feb 28
and 29. The summit emphasised on the importance of corrosion prevention and
control for sustainable development. Secretary, Ministry of Steel, Government
of India, Shri Nagendra Nath Sinha graced the occasion with his presence and
delivered the valedictory speech today.
Secretary,
Ministry of Steel, Government of India, Shri Nagendra Nath Sinha said,
“If we take the corrosion losses sectorally, agriculture suffers corrosion
losses to the extent of about 6.1%, industries suffer about 4.7%, and services
suffer about 3.4%. The numbers are extremely large... The World Economic Forum
estimated that if we do proper corrosion management related activities, 40%
water losses would be reduced and 22-40% energy costs would be brought down. So
it is not only having an impact on the assets but on opex also. Steel
production has to increase, steel consumption has to improve. But also that the
longevity of the structures that are made out of steel are also suitably
enhanced so that the losses to the economy and return on the assets that get
produced is enhanced as much as possible. And thereby, the return of the assets
to the economy improves.”
Joining the event
virtually, Managing Director, Jindal
Stainless, Mr Abhyuday Jindal, said, “Corrosion poses substantial
challenges across industries, leading to economic losses. We aim to drive
innovation, promote sustainable practices, and contribute to a corrosion-free
nation. By strategically implementing corrosion management practices, we can
save up to 25% of the corrosion cost across industries. It makes me very proud
to see the impact the National Mission on War against Corrosion has made, since
its launch just a year ago. This partnership with CII was formed with the aim
of creating a sustainable ecosystem for corrosion management that promotes
safety, ensures asset protection and contributes to economic growth. Today, we
are at the inaugural international summit on corrosion technology and
management – CORTEM ‘24. This is a wonderful platform to bring together the
finest global minds on the subject, pool our efforts, identify best practices,
share knowledge and raise awareness on corrosion mitigation.”
CORTEM is a part of CII’s
National Mission on War against Corrosion launched last year. The summit
convened experts, researchers, industry leaders, and policymakers from various
sectors and countries to discuss the latest trends, challenges, and solutions
in corrosion science and engineering.
Some of the renowned
speakers at the event included Technical Director, International Molybdenum,
Association, UK, Dr Nicole Kinsman; Former President, Association for Materials
Protection and Performance, USA, Dr Sandy Williamson; Past-President, World
Corrosion Organisation & European Federation of Corrosion, France, Dr Feron
Damien, among others.
The event also included
panel discussions around Policy, Standards & Regulations and Life Cycle
Cost Towards Better Corrosion Management; Success of Implementing Corrosion
Management System as a Corporate Strategy; Corrosion Management in Oil &
Gas and Process Industry; Corrosion in Rails, Bridges, Highways, and Industrial
Infrastructure; Evolving Technologies, Corrosion Education, Training and
International Collaborations in Combating Corrosion, and Corrosion Management
& Mitigation Strategies for India.
Jindal Stainless has been
proactive in addressing the challenge of corrosion, whether in infrastructure
or other economic sectors. The company has reaffirmed its commitment to combat
corrosion by entering into a memorandum of understanding (MoU) with the CII
last year. This MoU primarily aims at initiatives such as training, capacity building,
and skill development, supported by governmental bodies and educational
institutions. Additionally, it encompasses consulting and advisory services,
including technology gap assessments, as well as projects and research
involving infrastructure surveys and analysis. It also focuses on stakeholder
engagement to raise awareness about the issue of corrosion.
