By 2050, the recycling industry is expected to surpass the mining sector in size, creating a wealth of opportunities for businesses, according to Tata Steel’s Managing Director and CEO, T V Narendran. Speaking at an event organized by the Singhbhum Chamber of Commerce and Industry (SCCI) as part of its platinum jubilee celebrations, Mr Narendran emphasized that while mining has been a vital industry for the past century and will remain so, the importance of recycling is rapidly growing.
“Looking ahead, managing by-products, extracting value from waste, and recycling will become increasingly significant. Even Tata Steel is embracing recycling, as we believe that by 2050, the recycling industry will outsize the mining industry,” MrNarendran stated.
He also referenced the Tata Steel Industrial By-products Management Division (IBMD), which has a turnover of Rs 10,000 crore, underscoring the company’s commitment to sustainability. The recycling sector offers significant opportunities, such as designing steel that can be easily recycled and producing high-quality steel from recycled materials.
Additionally, Mr Narendran pointed out the rising potential in “urban mining,” as India, with limited critical minerals, will increasingly rely on electronics. Extracting valuable minerals from electronics is emerging as a major opportunity for growth. Mr Narendran also discussed the role of digitalization in leveling the playing field between large and small businesses. “Scale is no longer the defining factor; customization is. Digital tools have empowered many smaller companies to thrive,” he said.
Tata Steel, along with its subsidiaries, associates, and joint ventures, employs over 78,000 people globally. The company has set ambitious sustainability goals, including achieving Net Zero by 2045, and is undergoing a multi-year digital transformation to become a leader in ‘Digital Steelmaking’.
Its Jamshedpur, Kalinganagar, and IJmuiden plants have received the World Economic Forum’s Global Lighthouse recognition, and the company has been awarded the ‘Digital Enterprise of India – Steel’ Award 2024 by Economic Times CIO. Tata Steel has also been acknowledged for its commitment to diversity, equity, and inclusion, earning the World Economic Forum’s Global Diversity, Equity & Inclusion Lighthouse 2023 recognition.
A consistent performer on the DJSI Emerging Markets Index since 2012, it has ranked among the top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016. Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteelTM Certification, followed by its Kalinganagar and Meramandali plants, with more than 90% of its steel production in India now coming from ResponsibleSteelTM certified sites.
Tata Steel’s numerous accolades include the Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, seven consecutive Steel Sustainability Champion recognitions from worldsteel, the 2023 Climate Change Leadership Award by CDP, and recognition as the most valuable mining and metals brand in India in 2024 by Brand Finance. The company has also been recognized with several awards, including the 2023 Global ERM Award of Distinction, ‘Masters of Risk’ at The India Risk Management Awards, and the ICSI Business Responsibility and Sustainability Award 2023.
