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The industry readiness assessment, developed by CII’s Green Business Centre with support from Climate Catalyst, says a higher 37% mandate could create demand for up to 24mt of green steel by 2029-30. View More
The MNRE's new strategy aims to boost domestic production of wafers, ingots, and polysilicon, addressing gaps in previous incentive schemes. This move is crucial for India's ambitious green energy targets. View More
Schemes announced by the government, especially the Market Access Scheme is estimated to be a big enabler of Indian exports, says EEPC India Chairman. View More
New Delhi: Driven primarily by copper, iron & steel, and motor vehicles, India's engineering goods exports recorded a 10.4% year-on-year rise in January 2026 to US$10.40 billion even as shipments to the US recorded a decline during this period. Engineering goods exports to the US, India's top market, fell 6.8% year-on-year to US$1.51 billion in January 2026, as against US$1.62 billion in January 2025. Cumulatively, engineering goods exports from India grew by 4.52% year-on-year to US$101.13 billion during the April-January period of 2025-26, crossing the US$100 billion mark for the first time in the current fiscal. Commenting on January engineering export data, Pankaj Chadha, Chairman EEPC India, said, in a statement, "Favourable base was one of the major reasons behind the double-digit growth in January this year. Notably, Indian engineering exports also bounced back in most of the regions. This is very positive news, especially at a time when global trade is going through realignments pushed by changing geopolitics." He hoped that Indian engineering exports would continue to grow in the coming months and surpass US$120 billion in FY26. Live Events "The recent schemes announced by the government, especially the Market Access Scheme, are estimated to be a big enabler of Indian exports. This is crucial at a time when more Indian exporters are eager to participate in global exhibitions and exhibit their products to global markets," Chadha added. EEPC India has urged the government to reconsider its decision to reduce RoDTEP benefits by half, considering the ongoing challenges and uncertainties prevailing on the external front. As per the quick estimates, the share of engineering goods in total merchandise exports was recorded at an impressive 28.5% in January 2026. The share was recorded at 27% on a cumulative basis during the April-January period of 2025-26. Among the top 25 key markets for Indian engineering goods, shipments to as many as 19 countries recorded positive growth during Jan.,2026, while in the case of six countries, the growth was negative. Despite a decline in shipments to the US in January this year, it remained India's top market for engineering goods. Engineering goods exports to some of the major markets, such as the UAE, Saudi Arabia, Germany, the UK, Singapore, and China, registered impressive growth during this period. Engineering goods exports to the UAE went up 42.4% in January 2026 to US$871.48 million. In the case of Saudi Arabia, exports were up 33.3% at US$518.58 million. While engineering exports to Germany rose 23% year-on-year to US$443.49 million in January 2026, the UK saw 17.6% increase to US$408.91 million during this period. Engineering goods exports to China grew 26.7% to US$304.85 million. Apart from the US, the key countries that witnessed lower engineering goods shipments from India during the month of January this year included Mexico, France, Bangladesh, Turkey, and Thailand. Among the engineering panels that recorded impressive exports in January this year were copper, iron & steel, motor vehicles and ships, boats, and floating products and parts. Exports of copper and products jumped 52% year-on-year to US$346.9 million in January 2026. Iron & steel exports recorded 22% year-on-year growth to US$912 million during this period. Motor vehicle/cars exports rose 28% to US$876.9 million in January 2026, as against US$687 mil lion in January 2025. In January 2026, 28 of 34 engineering panels showed positive year-on-year growth. The six panels that witnessed a year-on-year decline in shipments during this period included nickel and its products, aircraft, spacecraft and parts, hand tools and cutting tools, and prime mica and products. Region-wise, North America and the European Union (EU) remained the top two exporting regions for Indian engineering goods in January this year. Also, export growth was recorded across all regions in January 2026, except North America, Sub-Saharan Africa (SSA), Latin America, and the CIS (Commonwealth of Independent States). In cumulative terms, the increase was noted in all regions barring WANA (West Asia-North Africa), Other Europe, and CIS. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
Mehra played a pivotal role in shaping the Essar Group’s steel and metals strategy, including the expansion of steelmaking capacity at Hazira View More
The brokerage remains overweight on banks, diversified financials, healthcare, consumer, auto and capital goods/defence, citing sustained infrastructure spending and asset creation View More
This trade policy creates complex challenges for businesses navigating global supply chains and changing regulations. View More
Word that the steel mill in Granite City, Illinois, was restarting a blast furnace resonated as a sign of America's industrial revival. The Trump administration had placed stiff tariffs on steel and aluminum. This was supposed to choke imports and force production back to U.S. factories. And here, at a hulking complex on the Illinois side of the Mississippi River, was ostensible evidence that the strategy was working. U.S. Steel, the owner of the mill, would hire some 400 additional union workers. "These tariffs have helped," said Braden Morris, who was laid off from his job at the mill in late 2023 and had just been recalled. "It's proof that we're coming back." Yet 500 miles to the north, in the deep freeze of St. Paul, Minnesota, those same tariffs spelled something different for Eric Hawkins. His family-owned company, Park Tool , manufactures gadgets used to repair bicycles and exports them around the world. The tariffs have increased the cost of the steel and aluminum he uses to make his products. That has forced him to lift his prices by 10%, flattening sales growth. "Every one of our suppliers has raised prices over the past year," Hawkins complained. "Trump thinks it's so easy to say, 'We're going to make the costs so high that you have to bring the jobs back.' But I'm saddled with a much higher materials cost." Live Events And that was before the latest upheaval in U.S. trade policy: the Supreme Court 's ruling Friday that President Donald Trump's so-called reciprocal tariffs -- those levied against scores of countries at once -- had exceeded his authority. That decision confronted U.S. business with an overwhelming assortment of variables and prompted Trump to immediately resort to a new 15% global tariff using a different legal mechanism. It also made the steel tariffs, which were not implicated in the court case, a more prominent fixture of trade policy. "The Supreme Court ruling, bad law though it was, significantly strengthens every other statutory authority that President Trump has on tariffs," said Peter Navarro, Trump's senior counselor for trade and manufacturing, in an email response to questions. He cited the section of the law used as the basis for imposing levies on steel. "The steel tariffs are rock solid and a linchpin of an industry essential to our national security." Trump has cast the protection of the U.S. steel industry as the centerpiece of his mission to rejuvenate domestic factory production. But the troubles of Park Tool highlight how tariffs have so far hindered that cause, jeopardizing jobs that are already here. Protectionism has increased the price of steel available in the United States while spurring only a modest increase in domestic production. That has left companies like Park Tool reliant on global supply chains they have built up over decades. Thousands of specialty components needed to make their products are now more expensive. Manufacturers are also contending with a foreign backlash to the Trump administration's wider trade war, undermining the appeal of the Made in America brand. Not least, they are grappling with paperwork nightmares as they navigate constantly changing tariff rates and customs procedures. The Trump administration asserts that disruption is the unavoidable cost of reinvigorating steel towns like Granite City. But that characterization collides with the arithmetic of U.S. manufacturing. For every person employed at a domestic steel mill, 80 work at factories that buy steel, according to a paper by economists Kadee Russ and Lydia Cox. Tariffs during Trump's first term produced an additional 1,000 jobs at steel mills while eliminating 75,000 positions throughout manufacturing, the two economists calculated in another paper. Steel industry officials argue that such formulations leave out vital context. "If you don't have steel production in your country, then you're at the mercy of steel producers in other countries," said Kevin Dempsey, president of the American Iron and Steel Institute , a trade association in Washington. He cast Trump's tariffs as an overdue correction to surges of steel flowing into the United States, much of it unfairly cheap by dint of subsidies. In 2016, the year before Trump's first term, about 71% of America's steel capacity was in use, according to industry data. By 2019, with steel tariffs in place, that figure had risen to 80% and has remained above 75% ever since. Over the same time, imports as a share of total steel used in the United States dropped to 19% from 27%. Yet even as U.S. imports of steel have been reduced, the total production has stayed flat in the United States. From 2019 to 2025, domestic production of steel dipped from 97 million tons per year to 90 million tons, though last year saw a slight increase compared with the previous year, according to data compiled by the American Iron and Steel Institute. Experts assert that tariffs have allowed the industry to skimp on investment while benefiting from higher domestic prices. Steel sold in the United States is currently about 30% more expensive than in Europe and almost double the price in China, noted Kyle Handley, an economist at the University of California, San Diego. Granite City is a testament to the forces of downward mobility that have in recent decades afflicted America's industrial communities. Brick buildings sit forlorn, their masonry crumbling. Dollar stores and payday lenders fill out retail spaces. At the downtown headquarters of United Steelworkers Local 1899, footsteps echo through empty hallways. Three years ago, before the layoffs, the union branch represented 1,400 local workers. In December, just before the furnace restart was announced, that number was down to 764. Now some of the people sent home two years ago are being recalled. "Those tariffs have been part of putting steel where it is by creating demand for American steel," said the local president, Craig McKey. Eric Addison, 34, had just returned to the mill. He grew up in Granite City and had long aspired to a job as a steelworker. "This place was the talk of the town," he said. "You'd ask anyone who had a nice house or a car, and they'd say, 'Yeah, we work at the steel mill.'" Just before he was laid off, he had been promoted to the job of ladleman, operating the controls of the equipment that regulates the flow of molten steel. He was making more than $29 an hour. "It was the best money I'd ever made," Addison said. After the layoff in October 2023, he took a job at a barge company that ships animal feed down the Mississippi. It paid less than $22 an hour. He stopped going out to eat. He eliminated bowling night. "Basically, I just went to work and came home," he said. Then, in December, he saw a post on Facebook announcing that the blast furnace was coming back online. Almost immediately, the company called and asked him to come back. He would start at $31.20 an hour. "I was pretty excited," he said. Many local mill workers credited the change of leadership in Washington. "In this town, we were always told that we make the best steel, but getting cheap steel coming in was hurting us," said Martin Cooper, a 57-year-old father of four who was recently recalled. "People say that Trump came back and the steel mill opened back up." But the same conditions that have stoked confidence in Granite City are sowing worries across the U.S. factory floor. Hawkins, 63, the CEO of Park Tool, has come to expect rising fortunes. Over the last quarter-century, he took the bike shop started by his father and a partner and turned it into one of the world's largest makers of bicycle tools. The company exports more than half its production to some 70 countries, including China. But these days, he and his team of 70 people are grappling with the effects of Trump's trade war. Time they would rather spend designing new products is consumed by studying tariff schedules and preparing customs paperwork. "It's just a lot of hassle," Hawkins said. "We should be in a growth pattern. We're not." Old Schwinn bicycles fill racks near the factory entrance, displaying the roots of the business. But the present is underscored by the studio where the company records bicycle repair videos that it posts on YouTube to get the word out about its products. As Hawkins wandered his plant on a recent morning, he stopped at a workbench where a worker wielded a hand-held drill to attach parts to a so-called torque limiter -- a wrench designed to prevent a person from applying damaging amounts of force. One part, a blue-tinted hunk of metal shaped like a handle, had been cast at a plant in Iowa. Another had been produced through injection molding in the Twin Cities. These were the elements of a factory that has managed to remain in the United States despite the perpetual tug of cheaper labor in Asia. Yet lately, Hawkins has found himself navigating new challenges. A distributor in Germany recently told him that many of his European customers, angry over the Trump administration's attempts to take control of Greenland while weakening its support for Ukraine, are refusing to buy American products. The distributor has shifted some of its orders to a factory in Slovenia. Hawkins is tormented by talk of tariffs boosting U.S. manufacturing. His own operation has developed a supply chain that taps domestic sources for most of his parts and materials. But some 3,500 components come from Asia, most of them from Taiwan. No one can re-create that easily. He pointed at a stack of aluminum parts that sat waiting to be attached to rods to form a bicycle repair stand. The piece that held the bike frame was made in Taiwan. Making the mold there costs about $15,000, compared with $80,000 or $90,000 in the United States, he said. "There's so many moving parts here that all have to work together," he said. "We've invested 60 years in figuring all this out, and it works. I'm not going to just dump that." And as Hawkins tried to make sense of the implications of the Supreme Court decision, he anticipated still more tariffs in response. "Who knows?" he said. "Everything could change tomorrow, right?" .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
"You can already buy a humanoid today, which gives you a payback period versus human workers of less than 10 weeks," a former Citi executive told CNBC. View More
In this article0H4A-GBLHA-DECNVDATSLABOTZAMZNCRMCSA-FFFollow your favorite stocksCREATE FREE ACCOUNT Digital generated image of multiple robots working on laptops siting in a raw. Andriy Onufriyenko | Moment | Getty Images AI robots will exceed the working population within a few decades as more firms adopt AI agents and continue to squeeze costs, a former Citi executive warned on Monday.Rob Garlick, Citi Global Insights' former head of innovation, technology, and future of work, told CNBC's "Squawk Box Europe" that as leaders continue to prioritize profitability, their human workers will be left in the dust. "We have a leadership system in the economic terms and business terms that celebrates profitability," Garlick said in a conversation with CNBC's Steve Sedgwick and Ben Boulos. "When you marry profitability up with the technology progress, we have the biggest trade in history coming, which is basically that artificial intelligence will be able to do more and more, better and better, cheaper and cheaper, and that will be able to substitute for people." Garlick, who recently authored "AI â Anarchy or Abundance? Why the Future of Work Needs Pro-Human Leaders," explained that his previous research at Citi showed that the number of AI robots is going to skyrocket as a result of these business decisions. "We're going to go over the next couple of decades to more moving robots than the working population, and then you add on agents, little agents, and it is going to explode," he added. watch nowVIDEO4:3904:39AI robots may outnumber human workers in a few decades: ex-Citi execSquawk Box Europe AI robots ranging from humanoids to domestic cleaning robots and autonomous vehicles are forecasted to increase to 1.3 billion by 2035, according to a 2024 Citi report led by Garlick. The number of AI robots would quickly increase to over 4 billion by 2050, per the insights. The Citi report even measured how long it would take for a robot to pay for itself through the money saved by replacing a human worker, for example, a $15,000 robot would break even in 3.8 weeks for a $41 an hour human job, or 21.6 weeks for a $7.25 human job. Meanwhile, a robot that costs $35,000 would have a payback time of 8.9 weeks for a $41 an hour human job. "You can already buy a humanoid today, which gives you a payback period versus human workers of less than 10 weeks," Garlick told CNBC, citing a figure from his book. "Humans can't compete on this basis." The rise of AI agents Microsoft's Work Trend Index report showed that 80% of leaders expect AI agents to be largely integrated into their AI strategy within the next 12 to 18 months. AI agents are a type of software program that can make decisions and complete tasks without much human direction. Meanwhile, McKinsey & Company's global managing partner, Bob Sternfels, noted that the company currently employs 20,000 agents alongside 40,000 humans, in an interview with Harvard Business Review. A year prior, the company only had 3,000 agents, and Sternfels predicts that in 18 months from now, there will be an equal number of employees and agents. watch nowVIDEO4:4404:44âAI agents will get better over time,â says Cresta CEOSquawk Box Europe Tesla CEO Elon Musk also shared similar views at the World Economic Forum's flagship conference in Davos last month, saying that AI will likely surpass human intelligence by the end of this year. "My prediction is, in the benign scenario of the future, that we will actually make so many robots in AI that they will actually saturate all human... there will be such an abundance of goods and services because my prediction is that there'll be more robots than people," Musk said. Fears around AI replacing workers have mounted in the past year as major firms, including Amazon, Salesforce, Accenture, Heineken, and Lufthansa, have cited the technology as part of the reason for eliminating thousands of roles. Kristalina Georgieva, managing director at the International Monetary Fund, told CNBC in January that AI is "hitting the labor market like a tsunami" and warned that "most countries and most businesses are not prepared for it."In the U.S., AI played a role in almost 55,000 layoffs in the U.S. in 2025, according to December data from consulting firm Challenger, Gray & Christmas.However, some leaders are striking a more positive tone. Nvidia's CEO Jensen Huang predicts that the "AI boom" will create six-figure salaries for the workers building AI and chip factories. Huang said the technology will boost skilled trade work, such as for plumbers, electricians, construction, and steel workers.
European officials have reacted with disbelief to President Donald Trump's latest tariff policy, warning that trade deals could be at risk. View More
watch nowVIDEO4:0604:06President Trump warns of higher tariffs for countries that 'play games' with the SCOTUS decisionMoney Movers Europe has warned that trade deals struck with the U.S. could now be at risk after President Donald Trump unveiled a new global 15% tariff on all imports at the weekend.Trump's move came after the U.S. Supreme Court on Friday struck down his global tariffs policy, implemented last spring, that had upset the long-standing global trading order.The president reacted to the Supreme Court's judgment by initially announcing a new universal 10% levy, using a different legal framework for the latest tariffs, but then increased the global tariff rate to 15% â the legal maximum which can be in place for 150 days before congressional approval is required. The new import duties are "effective immediately," Trump said in a Truth Social post on Saturday. Officials in Europe and London expressed alarm and consternation at the latest upheaval in global trade relations, saying Trump's new tariff policy could upend trade deals signed with the U.S. last year. They asked for more clarity from the White House as to what the new tariff policy framework means in practice for their respective trade deals, which saw most European Union exports to the States hit with a 15% duty, and those from the U.K. slapped with a 10% levy. watch nowVIDEO7:3707:37'A deal is a deal' - European officials refuse to accept tariff chaosEurope Early Edition "Pure tariff chaos from the U.S. administration," the chair of the European Parliament's Committee on International Trade, Bernd Lange, reacted to the White House on Sunday."No one can make sense of it anymore â only open questions and growing uncertainty for the EU and other U.S. trading partners," Lange wrote on social media platform X. "Do new tariffs ... not constitute a breach of the deal? Regardless, no one knows whether the US will adhere to it â or even be able to," Lange said, adding that "clarity and legal certainty are needed before any further steps are taken." The European Parliament's trade committee held an emergency meeting on Monday to discuss Trump's latest trade move, and Lange said in a statement that the legislative work was "on hold" following the U.S. Supreme Court ruling. "The ruling by the Supreme Court of the United States of 20 February 2026 on the use of the International Emergency Economic Powers Act (IEEPA) is clear and unequivocal. Its implications cannot be ignored, and business as usual is not an option," Lange said. "A key instrument used on the U.S. side to negotiate and implement the Turnberry Deal is no longer available," he added. "The situation is now more uncertain than ever. This runs counter to the stability and predictability we sought to achieve with the Turnberry Deal."The European Commission issued a statement Sunday noting that "a deal is a deal" and that it expected the U.S. "to honour its commitments ... just as the EU stands by its commitments." CNBC has asked the commission for further comment. (COMBO) This combination of pictures created in Berlin on January 6, 2026 shows (clockwise, from top L) Germany's Chancellor Friedrich Merz (in Brussels on December 18, 2025), Italy's Prime Minister Giorgia Meloni (in Johannesburg on November 23, 2025), Spain's Prime Minister Pedro Sanchez (in Brussels on December 18, 2025), Poland's Prime Minister Donald Tusk (in Brussels on December 18, 2025), France's President Emmanuel Macron (at the Elysee Palace in Paris, on January 6, 2026) and Britain's Prime Minister Keir Starmer (in London on December 10, 2025). A group of European leaders on January 6, 2026 underlined their support for Denmark after US President Donald Trump again voiced designs on its autonomous Arctic territory of Greenland. Nicolas Tucat,gianluigi Guercia,john Thys,ben Stansall,ludovic Marin | Afp | Getty Images German Chancellor Friedrich Merz told German broadcaster ARD that there would be "a very clear European position on this" ahead of his visit to the White House in early March, but he deferred to the European Commission in Brussels as to how the EU would respond to the tariffs. However, French Trade Minister Nicolas Forissier suggested that Brussels could hit back at Washington. Speaking to the Financial Times, Forissier urged EU members to not "be naive" and to adopt a united approach against the White House's new trade position.The U.K. has also questioned how the new tariff policy will affect its trade deal with the States, which, given its baseline 10% tariff rate, had put the country at a competitive advantage to its European neighbors."Under any scenario, we expect our privileged trading position with the U.S. to continue and will work with the administration to understand how the ruling will affect tariffs for the U.K. and the rest of the world," a U.K. government spokesperson said at the weekend. Trade deals on, or off? Europe's bitter reaction to the new tariff policy means U.S. Trade Representative Jamieson Greer has his work cut out to reassure partners that trade deals agreed last summer still stand. Greer defended Trump's tariff stance on Sunday, saying that the president's trade policy has not changed fundamentally, and that trade deals still stand."The president's policy was going to continue. That's why they signed these deals, even while the litigation was pending. So we're having active conversations with them. We want them to understand that these deals are going to be good deals. We expect to stand by them. We expect our partners to stand by them," he told CBS' "Face the Nation.""And I haven't heard anyone yet come to me and say, 'the deal's off.' They want to see how this plays out. I'm in active conversation with them on it," he added. watch nowVIDEO4:0304:03New Trump tariffs penalize close allies, Tina Fordham saysEurope Early Edition On the face of it, current U.S. trade tariffs on the EU are not changing, with the new 15% rate the same as the rate under its trade deal. Exclusions still apply, too, with pharmaceuticals, critical minerals, fertilizers and certain agricultural products exempt, while other tariffs on auto and steel exports remain the same. Those with the lowest tariffs to begin with are ostensibly hurt more, however, with the U.K. at a notable disadvantage if its trade deal tariff rate is not honored.On a trade-weighted basis, the U.K. faces a 2.1 percentage point increase in its average tariff rate, while the EU sees a 0.8 point rise, according to analysis from Swiss-based trade watchdog Global Trade Alert. In contrast, Brazil's rate plunges 13.6 points, and China's drops 7.1 points.Tina Fordham, founder of Fordham Global Foresight, told CNBC on Monday that the U.S.' closest allies seem to be worst hit by what she described as the latest "trade chaos" but agreed more clarity was needed from U.S. officials."This is an administration that doesn't think too much about second- or third-order effects, and so what we're seeing is that those countries that tried to get in early and do an advantageous deal when the president was first starting to talk about these levies ... are being penalized," she told CNBC's "Europe Early Edition." European markets traded lower on Monday, showing investor jitters over the latest tariff move. European Central Bank President Christine Lagarde warned Sunday that the trans-Atlantic business relationship could suffer as a result of trade uncertainty."It's critically important that all people in the trade, both outside of the United States, but also in the United States, have clarity about the future of the relationships," she told "Face the Nation" on Sunday. "It's a bit like driving. You want to know the rules of the road before you get in the car. It's the same with trade," she added."If it [the new tariffs policy] shakes the whole equilibrium which people in the trade had got used to ... [it] is going to bring about disruptions in the business for sure," she said. Correction: The story has been updated to correct comments from French Trade Minister Nicolas Forissier.
Tata Steel's new manufacturing plant in Ludhiana will begin operations in March. This significant project represents a major boost for Punjab's industrial growth. The plant, a substantial investment by Tata Steel, will create employment for approximately 2,500 people. It will utilize environmentally friendly Electric Arc Furnace technology. This facility marks Tata Steel's second-largest plant in India. View More
Chandigarh: Punjab Chief Minister Bhagwant Singh Mann on Monday said Tata Steel will commence operations at its new manufacturing plant in Ludhiana from March, providing a major boost to industrial growth in the state. Mann said the project shows the increasing confidence of industry in the state's policies and governance. The plant, coming up near HiTech Valley, will have a 0.75 MTPA Electric Arc Furnace-based steelmaking facility, along with a rebar mill. The project is spread over 115 acres. He said the initial investment of Rs 2,600 crore has now increased to Rs 3,200 crore. The plant is expected to create employment for around 2,500 people. The chief minister said the unit will use 100 per cent steel scrap as raw material and adopt an environmentally friendly production process. The Electric Arc Furnace technology reduces carbon emissions compared to traditional methods, he added. Live Events RECOMMENDEDSTORIES FOR YOUTCS and ServiceNow partner to accelerate large-scale AI adoption for enterprisesTata Communications, RailTel partner to expand AI-ready digital infrastructure Mann said the Ludhiana facility will be Tata Steel's second-largest plant in India after Jamshedpur and the company's biggest investment in Punjab. He added that the Punjab government ensured the timely execution of the project and assured full support for its smooth operation and future expansion .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)