India loses approximately $100 billion to corrosion annually, says Jindal Stainless during International Summit on Corrosion Technology & Management (CORTEM) 2024

Mumbai, February 29, 2024: 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.