Harvard Case - Using Science for Climate Commitments: Mahindra Sanyo Special Steel
"Using Science for Climate Commitments: Mahindra Sanyo Special Steel" Harvard business case study is written by Sanjana Gorti, Ahaana Mahanti, D.V.R. Seshadri, Prachee Javadekar, Ashwini Chhatre. It deals with the challenges in the field of Strategy. The case study is 21 page(s) long and it was first published on : Nov 15, 2022
At Fern Fort University, we recommend that Mahindra Sanyo Special Steel (MS3) leverage its scientific expertise and commitment to environmental sustainability to develop a comprehensive strategy that positions them as a leader in the green steel market. This strategy should encompass:
- Developing and deploying innovative, low-carbon steel production technologies.
- Building strategic alliances with key stakeholders in the green steel ecosystem.
- Embracing digital transformation to enhance efficiency and transparency in operations.
- Communicating their sustainability leadership through impactful marketing and branding initiatives.
This approach will enable MS3 to secure a sustainable competitive advantage in the evolving steel industry, attract environmentally conscious customers, and contribute to a more sustainable future.
2. Background
Mahindra Sanyo Special Steel (MS3), a joint venture between Mahindra Group and Sanyo Special Steel, is a leading manufacturer of high-quality special steel products in India. Facing increasing pressure from environmental regulations and growing customer demand for sustainable products, MS3 is seeking to reduce its carbon footprint and position itself as a leader in the green steel market.
The case study highlights MS3's commitment to innovation and its efforts to develop new technologies to reduce emissions. However, the company faces challenges in scaling up these technologies, securing funding for R&D, and communicating its sustainability efforts effectively to stakeholders.
3. Analysis of the Case Study
Competitive Advantage: MS3's core competency lies in its scientific expertise and commitment to innovation. This can be leveraged to develop disruptive innovations in steel production, leading to a sustainable competitive advantage in the green steel market.
Industry Analysis: The steel industry is undergoing a significant transformation driven by environmental regulations, rising energy costs, and growing demand for sustainable products. This presents both opportunities and challenges for MS3:
- Opportunities: The green steel market is rapidly expanding, offering significant growth potential for environmentally conscious steel producers like MS3.
- Challenges: Competition is intensifying as other players adopt similar sustainability initiatives.
SWOT Analysis:
- Strengths: Strong scientific expertise, commitment to innovation, established brand reputation, access to emerging markets.
- Weaknesses: Limited resources for R&D, lack of a comprehensive sustainability strategy, communication gaps with stakeholders.
- Opportunities: Growing demand for green steel, government incentives for sustainable technologies, potential for strategic alliances.
- Threats: Increasing competition from established players, regulatory uncertainty, potential for technological disruption.
Porter's Five Forces:
- Threat of New Entrants: High, as the green steel market is attracting new players with innovative technologies.
- Bargaining Power of Buyers: Moderate, as customers increasingly prioritize sustainability but may be price-sensitive.
- Bargaining Power of Suppliers: Moderate, as the availability of raw materials and energy sources can influence production costs.
- Threat of Substitutes: Moderate, as alternative materials like aluminum and composites are gaining traction in certain applications.
- Rivalry Among Existing Competitors: High, as established steel producers are investing heavily in sustainability initiatives.
Value Chain: MS3's value chain can be optimized by incorporating sustainability considerations at every stage, from raw material sourcing to product delivery. This includes:
- Developing low-carbon steel production processes.
- Investing in energy-efficient infrastructure and equipment.
- Partnering with sustainable suppliers and logistics providers.
- Developing innovative recycling and circular economy solutions.
Business Model Innovation: MS3 can explore new business models that capitalize on its commitment to sustainability, such as:
- Developing a premium green steel brand with a higher price point.
- Offering carbon offsetting services to customers.
- Providing consulting services on sustainable steel production.
4. Recommendations
1. Develop and Deploy Innovative, Low-Carbon Steel Production Technologies:
- Invest in R&D: Prioritize research and development of disruptive innovations in steel production, focusing on technologies like hydrogen-based steelmaking, electric arc furnaces, and carbon capture and storage.
- Pilot and Scale Up: Implement pilot projects to test and validate new technologies before scaling them up for commercial production.
- Strategic Partnerships: Collaborate with research institutions, technology providers, and other industry players to accelerate innovation.
2. Build Strategic Alliances in the Green Steel Ecosystem:
- Collaboration with Suppliers: Partner with sustainable suppliers of raw materials, energy, and logistics services.
- Joint Ventures: Explore joint ventures with technology companies, renewable energy providers, and other steel manufacturers to share resources and expertise.
- Customer Engagement: Work closely with key customers to understand their sustainability needs and develop tailored solutions.
3. Embrace Digital Transformation:
- Data Analytics: Leverage data analytics to optimize production processes, reduce energy consumption, and track environmental performance.
- Internet of Things (IoT): Implement IoT sensors and monitoring systems to improve efficiency and transparency in operations.
- Cloud Computing: Utilize cloud-based platforms to enhance data management, collaboration, and decision-making.
4. Communicate Sustainability Leadership:
- Brand Storytelling: Develop compelling narratives that highlight MS3's commitment to sustainability and its impact on the environment.
- Transparent Reporting: Publish comprehensive sustainability reports that detail environmental performance, emissions reduction targets, and progress towards achieving them.
- Social Media Engagement: Utilize social media platforms to connect with stakeholders, share sustainability updates, and engage in dialogue.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of MS3's strengths, weaknesses, opportunities, and threats, considering the evolving landscape of the steel industry and the growing demand for sustainable products. They are aligned with MS3's core competencies in science and innovation, and they address the needs of external customers and internal stakeholders.
Quantitative Measures:
- Return on Investment (ROI): Investing in green technologies can lead to cost savings and reduced environmental liabilities, resulting in a positive ROI.
- Net Present Value (NPV): The NPV of investments in sustainable technologies can be positive, considering the long-term benefits of reduced emissions and enhanced brand reputation.
- Break-Even Analysis: The break-even point for new technologies can be calculated to assess the feasibility of their adoption.
Assumptions:
- Government support: Government incentives and regulations will continue to encourage the development and adoption of green steel technologies.
- Customer demand: Demand for sustainable steel products will continue to grow as consumers become more environmentally conscious.
- Technological advancements: Continued innovation in green steel technologies will lead to cost reductions and improved efficiency.
6. Conclusion
By embracing a comprehensive strategy that combines innovation, collaboration, digital transformation, and effective communication, MS3 can position itself as a leader in the green steel market, secure a sustainable competitive advantage, and contribute to a more sustainable future.
7. Discussion
Alternatives:
- Focusing solely on cost leadership: This approach could lead to lower prices but may not be sustainable in the long term as customers increasingly prioritize sustainability.
- Ignoring the green steel market: This would be a risky strategy, as the demand for sustainable products is only expected to increase.
Risks:
- Technological uncertainty: New technologies may not meet expectations or may face unforeseen challenges.
- Financial constraints: Investing in green technologies can be expensive, requiring significant capital investment.
- Competition: Other steel producers may adopt similar sustainability initiatives, leading to increased competition.
Key Assumptions:
- Government support for green technologies will continue.
- Customer demand for sustainable steel products will remain strong.
- Technological advancements will continue to reduce the cost of green steel production.
8. Next Steps
Timeline:
- Year 1: Develop a comprehensive sustainability strategy, invest in pilot projects for new technologies, and build strategic alliances.
- Year 2: Scale up successful technologies, launch green steel product lines, and communicate sustainability initiatives to stakeholders.
- Year 3: Expand green steel production, develop new business models, and solidify MS3's position as a leader in the sustainable steel market.
Key Milestones:
- Develop a detailed sustainability strategy.
- Secure funding for R&D and technology adoption.
- Launch pilot projects for new green steel technologies.
- Establish partnerships with key stakeholders in the green steel ecosystem.
- Develop and implement a comprehensive digital transformation strategy.
- Communicate sustainability initiatives through a variety of channels.
By taking these steps, MS3 can leverage its scientific expertise and commitment to innovation to become a leading player in the green steel market, securing a sustainable future for the company and contributing to a more sustainable world.
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Case Description
The vision of Anand Mahindra, Chairman of the Mahindra Group, in spearheading climate leadership in India, focusing on the proactive steps taken in steel manufacturing by Mahindra Sanyo Special Steel Limited (MSSSPL) through science-based targets is presented. Case set in 2021, when businesses in India and countries around the world were recovering from the unprecedented setbacks caused by the COVID-19 pandemic. At the October 2021 COP26 Glasgow Summit, India had committed to achieve net zero by 2070, further reinforcing the need for corporates to take massive steps in reducing their carbon footprints. Anand Mahindra and Anirban Ghosh, Chief Sustainability Officer at the Mahindra Group, believe that there is an opportunity for the Group to do more to mitigate the impacts of climate change. The case illustrates the risks posed by climate change to businesses and the business benefits of setting science-based targets that can spur increased innovation potential, greater resilience against regulatory uncertainties, improved credibility among the new generation of investors, customers, employees, and other stakeholders, as well as better competitive advantage. Three years after committing to the SBTi, climate-induced challenges had become even more critical, necessitating swifter action to cut emissions across the value chain. The case discusses GHG emissions across 3 scopes, highlighting the value chain activities that contribute to Scope 1, Scope 2, and Scope 3 emissions. MSSSPL has committed to reduce their emissions by 35% by 2030. Some of the measures adopted by MSSSPL to meet their GHG emissions reduction commitments to the SBTi such as improvements in raw material usage in various manufacturing processes, energy-efficient technologies to cumulatively reduce specific electricity and oil consumption, water use management, and waste management measures through a circular economy strategy. What more needs to be done by the company to keep up the momentum?
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