Steel Industry

Steel Industry

Steel Industry

India is the world’s third largest producer of crude steel after China and Japan and also the third largest consumer of steel after China and the USA. The growth of this industry has been driven by domestic availability of raw materials such as iron ore and cost-effective labour. The steel industry has become a major contributor to our manufacturing output. The Indian steel industry is very modern with state-of-the-art steel mills. The steel sector contributes nearly 2 per cent of our Gross Domestic Products and employs over 6,00,000 people. As per composition, India produces alloy steel, non-alloy steel (i.e. low carbon steel, medium carbon steel and high carbon steel), special steel (i.e. steel in production of which special care has to be taken to attain special / desired properties). As per form / size / shape, India produces liquid steel, ingot steel and pencil ingots. India also produces semi-finished steel products and finished steel (i.e. long products and flat products or flat rolled products). India’s steel consumption for the financial year 2015-16 is estimated to increase by 7 per cent over the same period last year due to improving economic activity. India’s crude steel capacity reached 109.85 Million Tonnes in financial year 2014-15. Indian steel industry derives its demand from infrastructure, transportation, capital goods, aviation, automobile, pipes and tubes and others.