Steel industry

Indian Steel industry has shown the second highest growth rate for steel
production in Asia after China in 2006. With a GDP growth of around 8% in 2005-06, Indian economy as well as the industrial development got a boost and this helped to shape the increasing steel demand and production in India. The report "Opportunities in Indian Steel Industry" undertakes a detailed analysis of the forces that have shaped the Indian steel industry in order to predict the future trends and prospects.
Industry Performance
This section gives a detailed analysis of steel industry in India. This section looks into the factors that have influenced the industry over a period of time, like steel production and raw materials, steel consumption, and export-import of steel products etc. The section also puts forth a comprehensive analysis on the fluctuating performance of the Indian steel industry.
Key Players Analyzed
In this section, business overview and financial facts of key players including, Steel Authority of India, Tata Iron & Steel Company Limited, Ispat Industries Limited, and Essar Steel Limited, are provided for better understanding of the competitive environment in the industry.
Key Issues and Facts Analyzed
- What will be the future demand and production capacity for steel industry?
- What are the growth opportunities for the steel manufacturers?







What are the growth opportunities for the steel manufacturers?
- What are the major driving factors for the steel industry?
- What will be the major constraints for future growth of steel industry?
- Who are the key competitors in the Indian steel industry?
Key Findings
- Indian steel industry is closely linked with domestic economic growth.
- India housing and construction industry is likely to grow in India, which is one of the major steel consuming industries.
- Growing Indian automobile industry, which depends on steel industry for parts manufacturing, will lead to a strong steel demand in future.
- The high cost of electricity in India may hamper the steel industry's production level.
- Recent increase in production capacity and foreign investment in India is pushing the Indian steel production.
- Demand is expected to rise in future with economic and industrial growth.
Research Methodology Used
Information Sources
The information has been compiled from various authentic and reliable sources like books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and access to more than 3000 paid databases.
Analysis Method
Methods like historical trend analysis; linear regression analysis using software tools, judgmental forecasting, and cause and effect analysis have been used to prudently analyze the report.
Areas covered:
- Analyst View
- Market Overview
- Global - Steel Industry Overview
- Asian Steel Industry
- Indian Steel Industry Performance
- Industry Analysis
- Future Outlook
- Major Players
Companies mentioned:
- Steel Authority of India
- Tata Iron & Steel Company Limited
- Ispat Industries Limited
- Essar Steel Limited






The India steel industry is one of the major industries in India and the Indian government plays a very important role in the development of the steel industry in India. The India steel industry is experiencing a slow but steady growth. The steel industry in India has huge scopes in the future with massive scale of infrastructural development happening all across the country. The India steel industry caters to many other industrial sectors such as construction industry, mining industry, transportation industry, automobile industry, engineering industry, chemical industry, etc. The India steel industry has further plans of development. Plans are being chalked out for setting up of 3 pig iron manufacturing units of a combined capacity of 6 lakh tons per year and a steel manufacturing unit of the capacity of producing 1 million tons yearly in West Bengal, with the technical and financial support of China. With all these developments, India steel industry is all set to become one of the most reputed industries not only in India but also in the international market. The different steel manufacturing plants under the India steel industry:
Integrated steel plants
Durgapur steel plant (DSP) in West Bengal
Bhilai steel plant (BSP) in Chhattisgarh
Bokaro steel plant (BSL) in Jharkhand
Rourkela steel plant (RSP) in Orissa

Special steel plants
Alloy steels plants (ASP) in West Bengal
Visvesvaraya iron and steel plant (VISL) in Karnataka
Salem steel plant (SSP) in Tamil Nadu

Subsidiaries
Indian iron and steel company (IISCO) in West Bengal
Bhilai oxygen limited (BOL) in New Delhi
Maharashtra Elektrosmelt limited (MEL) in Maharashtra

Others major steel producers
Tata iron and steel corporation ltd (TISCO)
Essar steel
Jindal Vijaynagar steels ltd
Ispat industries ltd
Jindal strips ltd
Mahindra Ugine steel company ltd
JISCO
Lloyds steel industries ltd
Electro steel castings ltd
Saw Pipes
Uttam steels ltd
Mukand ltd
Tata SSL ltd
Usha Ispat ltd
Kalyani steel ltd
Sesa Goa ltd
NMDC








India is a reputed name in the world steel industry; the country’s steel industry is catching up the pace and luring the steel majors from all over the world. The industry has gained strength from the strong Indian economy, and strong sectors like infrastructure, construction and automobile. Although India consumes less steel as compared to other Asian countries, it was ranked the fifth major crude steel producer in the world in 2008. Thus, the country offers vast scope for the steel industry in future.However, the current economic turmoil has dented the growth curve of various industries such as construction, which, in turn, has hit the Indian steel industry hard. But with the government’s plans to boost up the economy by injecting funds in various industries like infrastructure, construction, automobile and power, growth is well expected in near future, says “Indian Steel Industry Outlook to 2012”. As per our research report, steel consumption in India is expected to grow considerably in the coming years. Per capita finished steel consumption in the country is estimated at around 44 Kg in 2008-09, which is projected to reach 54 Kg by the end of 2011-12, thereby representing tremendous growth potential in the coming years.“Indian Steel Industry Outlook to 2012” provides the rational analysis and extensive research on the steel industry of India. The report gives a detailed analysis of the forces which have shaped the Indian steel industry over the past years. The report also includes detailed analysis and future outlook of various industries related to the steel industry, including automotive, consumer durables, aerospace and marine, power, telecom, railways, and housing industries.The report classifies the finished steel product market into two categories - alloy and non-alloy. It also covers the information on industry-wise steel demand, overall steel consumption, production and trading market. Apart from this, it also provides industry forecast (FY 2010 to FY 2012) on the following segments: - Finished steel consumption- Non-alloy steel products demand- Per capita finished steel consumption- Import of steel products- Stainless steel production and consumption








A humble beginning of the modern steel industry was reached in
India at Kulti in Bengal in 1870. But the conception of larger
production became visible with the establishment of a steel
plant in Jamshedpur in Bihar in 1907. It started production in
1912. The new township was named after Jamshedji Tata. Then
came Burnpur and Bhadrawati Steel plants in 1919 and 1923
respectively. It was, however, only after Independence that
the steel industry was able to find a strong foothold.
Excluding the Jamshedpur plant of the Tatas, all are in the
public sector and looked after by Steel Authority of India
Ltd. (SAIL).

Bhilai and Bokaro plants were set up with Soviet
collaboration. Durgapur and Rourkela came up with British and
West German technical expertise, respectively.

Iron and steel industry characteristically is a heavy
industry. All its raw materials are heavy and colossal. They
encompass iron-ore, coking coal and limestone. Location of
this industry is thus governed by its proximity to raw
materials, predominantly coking coal. The finished products in
turn are also heavy and need efficient transport system for
their distribution. The Chhotanagpur plateau bordering West
Bengal, Bihar, Orissa, and Madhya Pradesh, therefore has been
the natural nerve-centre of this industry. Iron and Steel
industry is also a basic or key industry. It forgoes the heavy
machines and tools industry. Umpteen light, medium, small and
cottage industries depend on it, as a reindex of modernisation
and industrialisation of a country. The industry also
necessitates enormous investment, staple infrastructure,
principally able means of up-to-date transport and
communication, not leaving out plentiful fuel or power supply.
However it does not directly create enough jobs, adjusting
with the huge investment. It demands incessant updation of
technology, "R and D" (Research and Development) support, and
most importantly a long-awaiting time before it begins to
produce dividends. All these contemplations made the
government to enter this key industry in a large scale on its
own, notwithstanding its natural shortcomings or limitations.
Visakhapatnam Steel plant has the advantage of importing
quality coking coal from abroad and is at ease in exporting
its products straight to the world market. In 1997-98 it had
produced 2.2 million tones of pig-iron. The plant has been
able to uphold international standards of competence. In the
same year it had exported almost 0.8 million tones of steel
and pig-iron, fetching foreign exchange of Rs. 600 crore.

Mini Steel Plant - As the name suggests, these plants are of
rather smaller size. They produce steel in electric furnaces,
using scrap and sponge iron. They produce both mild steel and
alloy steel of given specifications. In 1997-98 they had
yielded 8.5 million tones of crude steel. Virtually 200 mini
plants have been working day-in and day-out in the country.

In comparison to China, India had an excellent headstart, with
the country producing 1.7 million tones of pig-iron and 1.5
million tones of steel in 1950-51. By now China has
overpowered India a number of times. Its steel production was
59 million tones in 1988.

With 7.2 million tonnes, progress of iron and steel industry
has been fairly sluggish. It was only in the last decade that
the production had really gained vigour. It was over 23
million tonnes in 1997-98.














The encouraging material results achieved by the steel mills during 2004 are still exercising their positive impact on the overall activity of this industry during the first half of 2005. Demand for the steel products has greatly covered the total production of the first quarter despite that a number of mills have increased their production in order to be able to respond to the market requirements which have demonstrated a demand growth, even though this has appeared sluggish in some regions and strong in others. Perhaps the Arab region has been among those major regions which have witnessed an increase in production of, and demand for the steel products during the first quarter of this year. The production figures of the most productive countries in the Arab region have revealed an increase in the production growth rate of long and flat products.According to the forecasts of the International Iron and Steel Institute (IISI) the world demand for the steel products will witness a growth of 3.7% during 2005. IISI expects that the demand will exceed one billion tons for the first time, that is up by 36 million tons compared to 2004. However, even though the figures point to a growth in demand and an increase in production in a number of regions in the world, this has also been accompanied by a contradictory view expressed by some companies by making a decision to cut back their production as a result of the demand slowdown and to maintain the supply/demand balance. This has been done by Areclor, the largest steel producer in the world. It has declared that it will reduce its production of flat products by about one million tons in the first half of this year due to the low demand in the markets of the European Union, even though this reduction implicitly aims at supporting the selling prices already announced by the company which include an increase of Euro 15/ton effective early second quarter.“Mittal Steel”, the second largest steel producer the world over, may, according to some analyses, resort to taking similar initiatives to that of Arcelor in reducing production within the perspective of the necessity of maintaining the supply / demand balance and of supporting the prices at the cost of quantity. This is what the steel companies are ambitious to achieve in 2005, especially after the increases taking place in the raw material prices, in particular the iron ore for which contracts have been concluded in 2005 with an increase of up to 71.5% over the level of last year.The trend of the changes seen by the world steel markets, which are determined in the light of the markets movements and through the initiatives being taken by the major companies which control most of the steel production worldwide, may draw a new track for this industry during this year. This track will be based on an outlook prompting from: “Supporting price at the cost of quantity”. This may, some way or another, mean that the steel prices will continue going on in the same trend witnessed by the steel products during 2004 as well as in the first quarter of 2005, that is to say, the escalating trend of prices, which may increase the difficulties facing the steel end-users in a number of the major consuming sectors at the front of which are the construction sector, engineering industries and tubes and pipes industries.The Arab steel industry has seen an evident growth during 2004 and early 2005. This growth is represented in increasing production, which was strongly justified in entering into contracts on the quantities produced during the first quarter and quantities of some part of this year. The slowdown which began to come into existence for some steel products in a number of markets must stimulate the necessity of making as a strict review of the situation of the markets as to take into consideration the compatibility of supply and demand in order to avoid any oversupply under the pressure of the desires of producers to increase production which may result in a decline in prices and emergence of price competition in the marktes.The economic recovery experienced by most Arab markets as a result of the high gas and oil prices constituting an encouraging environment for the prosperity of the majority of the other sectors prevents the fast emergence of the slowdown conditions of demand in some consuming sectors. However, this slowdown will come into existence when the steel consuming sectors become unable to absorb the continued increase in the product prices which may develop into a higher increase in the future. The rise seen in the steel prices, which were beyond many expectations, bear in itself opportunities and challenges. These opportunities must be made use of and these challenges must be so analysed that the steel industry will maintain the boom it has seen, which has been positively reflected in the improved conditions of the steel companies and has contributed to motivating the development operations of this industry by thinking of setting up many new projects.













the project should contain the following ..-what are manufacturing industries-importance of manufacturing industries in economy-factors affecting the localization on industries in general and of the above industry in particular-progress of a nindusrty over the years includinf the other units established throughout the country -prexent situation and contribution in the economy-a comparitive study of iron and steel in jamshedpur and iron and steel in detroit,U.S.A.








Last Updated on : 20.06.2008


AN OVERVIEW OF STEEL SECTOR

Global Scenario Domestic Scenario Production Demand - Availability Projection Steel Prices Imports of Iron & Steel Exports of Iron & Steel Levies on Iron & Steel Opportunities for growth of Iron and Steel in Private Sector

Global Scenario

In 2007 the World Crude Steel output reached 1343.5 million metric tons and showed a growth of 7.5% over the previous year. It is the fifth consecutive year that world crude steel production grew by more than 7%. (Source: IISI)
China remained the world’s largest Crude Steel producer in 2007 also (489.00 million metric tons) followed by Japan (112.47 million metric tons) and USA (97.20 million metric tons). India occupied the 5 th position (53.10 million metric tons) for the second consecutive year. (Source: IISI)
The International Iron & Steel Institute (IISI) in its forecast for 2008 has predicted that 2008 will be another strong year for the steel industry with apparent steel use rising from 1,202 million metric tonnes in 2007 to 1,282 million metric tonnes in 2008 i.e. by 6.7%. Further, the BRIC ( Brazil, Russia, India and China) countries will continue to lead the growth with an expected increase in production by over 11% compared to 2007.
Domestic Scenario

The Indian steel industry have entered into a new development stage from 2005-06, riding high on the resurgent economy and rising demand for steel. Rapid rise in production has resulted in India becoming the 5 th largest producer of steel.
It has been estimated by certain major investment houses, such as Credit Suisse that, India’s steel consumption will continue to grow at nearly 16% rate annually, till 2012, fuelled by demand for construction projects worth US$ 1 trillion. The scope for raising the total consumption of steel is huge, given that per capita steel consumption is only 40 kg – compared to 150 kg across the world and 250 kg in China.
The National Steel Policy has envisaged steel production to reach 110 million tonnes by 2019-20. However, based on the assessment of the current ongoing projects, both in greenfield and brownfield, Ministry of Steel has projected that the steel capacity in the county is likely to be 124.06 million tonnes by 2011-12. Further, based on the status of MOUs signed by the private producers with the various State Governments, it is expected that India’s steel capacity would be nearly 293 million tonne by 2020.
Production

Steel industry was delicensed and decontrolled in 1991 & 1992 respectively.
Today, India is the 7th largest crude steel producer of steel in the world.
In 2007-08(Apri-June''07), production of Finished (Carbon) Steel was 12.088 million tonnes(Prov).
Production of Pig Iron in 2007-08(April-June'07) was 1.165 Million Tonnes (Prov).
The share of Main Producers (i.e SAIL, RINL and TSL) and secondary producers in the total production of Finished (Carbon) steel was 33% and 67% respectively during the period 2007-08 (April-June, 2007).
Last 4 year's production of pig iron and finished (carbon) steel is given below:
(in million tonnes)
Category 2003-04 2004-05 2005-06 2006-07
(Provisional) 2007-08 (April-June'07) (Prov.estimated)
Pig Iron 3.764 3.228 4.695 4.960 1.165
Finished Carbon Steel 36.957 40.055 44.544 49.391 12.088
(Source: Joint Plant Committee)


Demand - Availability Projection

Demand – Availability of iron and steel in the country is projected by Ministry of Steel annually.
Gaps in Availability are met mostly through imports.
Interface with consumers by way of a Steel Consumer Council exists, which is conducted on regular basis.
Interface helps in redressing availability problems, complaints related to quality.
Steel Prices

Price regulation of iron & steel was abolished on 16.1.1992. Since then steel prices are determined by the interplay of market forces.
There has been an up-trend in the domestic steel prices since 2006-07 and the trend accentuated since January this year.
Rise in raw material prices, strong demand in the international and domestic market and up-trend in the global steel prices have been some of the reasons cited by the industry for increase in the steel prices in the domestic market.
The mismatch in demand and supply is considered to be the main reason on the demand side for the rise in steel prices. Honourable Steel Minister has held discussion with all major steel investors including Arcellor-Mittal, POSCO, Tata Steel, Essar, Ispat and also SAIL, RINL to explore the possibility of expediting the ongoing as well as envisaged steel projects.
The Government also took various fiscal and other measures for stabilizing the steel prices like exempting pig iron, non alloy steel and steel making inputs like zinc, ferro-alloys and metcoke from customs duty; withdrawing DEPB benefits on export of various categories of steel products and bringing back railway freight on iron ore from classification 180 to 170 for domestic steel producers.
In May 2008, the Government imposed 15% export duty on semi-finished products, and hot rolled coils/sheet, 10% export duty on cold rolled coils/sheets and pipes and tubes and 5% export duty on galvanized steel in coil/sheet form in order to further curtail rising prices and increase supply of steel in the domestic market.
Imports of Iron & Steel

Iron & Steel are freely importable as per the extant policy.

Last four years import of Finished (Carbon) Steel is given below:-

Year
Qty. (In Million Tonnes)

2003-2004
1.540

2004-2005
2.109

2005-2006
3.850

2006-07(Prov. estimated)
4.100

2007-08 (Apr-June, 207) (Prov. estimated)
0.800


(Source: JPC)
Exports of Iron & Steel

Iron & Steel are freely exportable.

Advance Licensing Scheme allows duty free import of raw materials for exports.

Duty Entitlement Pass Book Scheme (DEPB) introduced to facilitate exports. Under this scheme exporters on the basis of notified entitlement rates, are granted due credits which would entitle them to import duty free goods. The DEPB benefit on export of various categories of steel items scheme has been temporarily withdrawn from 27th March 2008, to increase availability in the domestic market.
Exports of finished carbon steel and pig iron during the last four years and the current year is as :
(Qty. in Million Tonnes)

Finished (Carbon) Steel Pig Iron
2002-2003 4.506 0.629
2003-2004 4.835 0.518
2004-2005 4.381 0.393
2005-2006 4.478 0.440
2006-2007(Prov.estimated) 4.750 0.350
2007-2008(April-June 07) (Prov.estimated) 1.310 0.120

(Source : Joint Plant Committee)


Levies on Iron & Steel

SDF LEVY- This was a levy started for funding modernisation, expansion and development of steel sector.

The Fund, inter-alia, supports :

Capital expenditure for modernisation, rehabilitation, diversification, renewal & replacement of Integrated Steel Plants.
Research & Development
Rebates to SSI Corporations
Expenditure on ERU of JPC
SDF levy was abolished on 21.4.94
Cabinet decided that corpus could be recycled for loans to Main producers
Interest on loans to Main Producers be set aside for promotion of R&D on steel etc.
An Empowered Committee has been set up to guide the R&D effort in this sector.
EGEAF – Was a levy started for reimbursing the price differential cost of inputs used for engineering exporters. Fund was discontinued on 19.2.96.
Opportunities for growth of Iron and Steel in Private Sector

The New Industrial Policy Regime

The New Industrial policy has opened up the iron and steel sector for private investment by (a) removing it from the list of industries reserved for public sector and (b) exempting it from compulsory licensing. Imports of foreign technology as well as foreign direct investment are freely permitted up to certain limits under an automatic route. Ministry of Steel plays the role of facilitator, providing broad directions and assistance to new and existing steel plants, in the liberalized scenario.

The Growth Profile

(i) Steel

The liberalization of industrial policy and other initiatives taken by the Government have given a definite impetus for entry, participation and growth of the private sector in the steel industry. While the existing units are being modernized/expanded, a large number of new/greenfield steel plants have also come up in different parts of the country based on modern, cost effective, state of-the-art technologies.

At present, total (crude) steel making capacity is over 34 million tonnes and India, the 8th largest producer of steel in the world, has to its credit, the capability to produce a variety of grades and that too, of international quality standards. As per the ratings of the prestigious " World Steel Dynamics", Indian HR Products are classified in the Tier II category quality products – a major reason behind their acceptance in the world market. EU, Japan have qualified for the top slot, while countries like South Korea, USA share the same class as India.

(ii) Pig Iron

In pig iron also, the growth has been substantial. Prior to 1991, there was only one unit in the secondary sector. Post liberalization, the AIFIs have sanctioned 21 new projects with a total capacity of approx 3.9 million tonnes. Of these, 16 units have already been commissioned. The production of pig iron has also increased from 1.6 million tonnes in 1991-92 to 5.28 million tonnes in 2002-03. During the year 2003-04, the production of Pig Iron was 5.221 million tonnes.













Steel Industry: Key Growth Drivers
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Riding on a booming economy and escalating demand, the domestic steel consumption has grown manifold in the last few years. The Indian steel industry has registered an average growth rate of more than 10% CAGR in output in the last five years. During the same period, steel consumption has also moved in perfect lockstep and has maintained a growth rate of 10%.

In this article, let us have a look at the key growth drivers of the domestic steel industry and the rate at which the sector is expected to grow over the long-term.

According to World Steel Dynamics, (WSD) the Indian steel industry has entered into massive growth in steel demand as well as steel making capacities. The key growth drivers for the steel industry and the brief description of each driver are laid out below.

Construction: The construction industry has been witnessing a growth rate of 12%-14% in recent times. Steel construction is now identified with speed and since India is in need of speedy project implementation, steel is the best alternative for fast track construction. With economy surging ahead and expected increase in income levels of population, it is believed that demand for steel from this sector will continue to grow at current rates if not improve

Automobile: The domestic automobile industry has also grown at more than double-digit rates in the past five years. The Indian automobile sector is the second fastest growing market after China and has emerged as a prime demand driver for alloy steel. Automobile sector which is experiencing growth and competition is likely to be one of the major drivers for steel consumption in the coming years and most likely, its contribution in the overall demand pie is likely to improve from the current levels.

Auto components Industry: During the last five years, auto components market has grown at 19% CAGR, led by both robust domestic demand as well as exports. India is fast emerging as hub for auto components. International companies such as General Motors, Ford, Daimler Chrysler, Toyota and Volkswagen are outsourcing auto parts from India as it has cost advantage with regard to forgings and castings. Also, the growing domestic automobile industry, which relies on steel industry for its parts manufacturing, will enhance the demand for steel in India.

Infrastructure: Infrastructure sector comprises of roads, railways, airports and power. The 11th Five-year plan has lined up huge investments in all the above related sectors of infrastructure. The sector wise anticipated investment are $200bn in power, $80bn in railways, $48bn in roads, $13bn in ports and $9bn in airports. Because of surge in the above activities, the demand for long products of steel will be increasing in years ahead.

Consumer Durables: The consumer durables sector has also been witnessing robust growth. It has grown at an average of 10% per annum and is expected to grow at double-digit rates for coming years. The share of white goods and utensils is predominant in India. The domestic appliances market which includes spin driers of washing machine, almirahs, thermo ware, water filters, dishwashers, microwave ovens, catering equipments, cutlery, furniture etc have opened new opportunities for steel consumption, thus ensuring a steadily growing trend of steel off take.

Oil & Gas Industry: Oil & gas sector is the major consumer of steel tubes and pipes. The pipe consumption in oil & gas sector is expected to grow at a rate of 25% CAGR as this sector is set to witness massive capital investment. Apart from laying cross-country pipelines, exploration and production activities are also experiencing strong growth in both international as well as domestic markets.

Thus, in view of the robust growth expected in all the above mentioned sectors, there is no reason to believe that demand will slowdown in the coming future. Infact, if one were to go by government projections, then the demand is likely to increase at a CAGR of 11% until 2020. What gives us further conviction is the low per capita consumption of steel in India, which at 40 kgs currently is way below the world average of 150 kgs. Thus, the next few years are likely to be very good for the Indian steel manufacturers as far as demand is concerned.














Role of Iron and Steel Industry in India GDP








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The Role of Iron and Steel Industry in India GDP is very important for the development of the country. In India the visionary Shri Jamshedji Tata set up the first Iron and Steel manufacturing unit called Tata Iron and Steel Company, at Jamshedpur in Jharkhand. Iron and steel are among the most important components required for the infrastructure development in the country.
Role of Iron and Steel Industry in India GDP-Facts



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The Iron and Steel Industry in India is one of the fastest growing sectors
The demand drivers for the Indian Iron and Steel industry are increase in the activities of the automobiles industry, real estates industry, transportation system, aircraft industry, ship building industry, etc.
India ranks 5th in the world in terms of production of steel
The amount of crude steel produced in 2006-07 was 50.71 million tonnes
The amount of finished steel produced in 2006-07 was 51.9 million tonnes
The production of finished steel was increased by 16.52%
The production of finished carbon steel was 24.8 million tonnes in the year 2006-07
It is expected that India would become the second biggest producer of steel within the year 2016 and the production per year would be 137 million tonnes
The exports pertaining to the steel industry was 6.26 % during the period 2006-07
Role of Iron and Steel Industry in India GDP-Consumption
The domestic consumption of steel has grown by12.5% in the past three years
The domestic steel consumption in the year 2006-07 was 41.14 million tonnes
The average growth rate of the Indian Iron and Steel Industry is 11.36%
The construction projects all over India are major consumer of steel
The per capita consumption of steel in India is 35kgs
As the per capita consumption of steel is lower than other countries, so the steel industry has huge opportunities in the future
Role of Iron and Steel Industry in India GDP-Growth in Future
The Arcelor Mittal, which is the largest steelmaker in the world, has plans of establishing two Greenfield steel projects with capacity of 12 million tonnes annually, in India
Acerinox SA, one of the important stainless steel manufacturers in collaboration with Nisshin Steel, Japan is setting up a steel plant in India
The Tata Steel ranks 5th in the world steel production and the company have plans of expanding its capacity by the year 2015
SAIL, India's biggest producer of steel has plans of increasing the production to 24.98 million tonnes annually
Sinosteel Corp, China are planning to invest US$ 4 billion to set up a 5 million tonnes capacity Greenfield steel plant
The acquisition of the Corus, the Anglo-Dutch steel manufacturer by the Tata Steel
The Algoma Steel, Canada was acquired by Essar Global for US$ 1.63 billion