Steel Manufacturing industry in India is witnessing rapid growth. The usage of steel, a sought-after material for any infrastructure, is high. The infrastructure projects are increasingly showing an encouraging growth, and the focus is on growth. Here is a huge challenge for the steel manufacturing industry to meet the demand and supply with the best technology. An issue here is the high cost of maintenance and other operational costs.
Steel has been controlling the world as it is used in bridges, cars, energy, tools, cutlery, in cookware and in many things of daily life. The material is amenable, solid and is a unique basic material.
Introduction
The steel sector is a major contributor to India’s manufacturing output. India is the world’s third-largest steel producer in 2016. The growth is driven by domestic availability of raw materials such as iron ore and cost-effective labor. Indian steel industry is modern and has state-of-the-art steel mills. It strives for continuous modernization and up-gradation and aims for higher energy efficiency levels.
Market Size
India’s production grew by 7.4 per cent YOY to 95.6 Million Tonnes (MT) in 2016. Total consumption of finished steel grew by 3.4 per cent YOY to 76.22 MT during April 2016-February 2017.
Read More: The Pioneers in Steel Manufacturing
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