SPECIALIZATION PROJECT ON

‘STUDY ON PERFORMANCE OF INDIAN STEEL INDUSTRY’

SUBMITTED IN PARTIAL FULFILLMENT FOR THE AWARD OF THE

DEGREE OF

MASTER OF MANAGEMENT STUDIES (MMS)

(Under university of Mumbai)

Submitted by

Harshal Mevada

Specialization: Finance
Roll No: 20201021

Under the guidance of

Prof. Mansih Gupta

ACADEMIC YEAR 2020-22

DURGADEVI SARAF INSTITUTE OF MANGEMENT STUDIES.

 CERTIFICATE

This is to certify that the project work titled “ Study on Performance of Indian
Steel Industry” is successfully completed by Harshal Mevada during the IV
semester, in partial fulfillment of the Master’s Degree in Management Studies
recognized by the University of Mumbai for the academic year 2021-2022.

This project work is original and not submitted earlier for the award of any degree/
diploma or associate ship of any other University/ Institution.

Name: Harshal Mevada

Date:

Signature of guide
 DECLARATION

I hereby declare that this Project Report submitted by me to Durgadevi Saraf

Institute of Management Studies , is a Bonafide work undertaken by me and it is
not submitted to any other university or institution for the award of any degree
diploma/ certificate or published any time before.

Name: Harshal Mevada

Roll No. : 20201021

Signature of the candidate

 ACKNOWLEDGEMENT
I would like to thank Durgadevi Saraf Institute of Management Studies
for giving me an opportunity to learn and pursue my Summer Internship and
understand about (Finance) and Research aspects.

I am also thankful to Dr. C Babu (Director, Durgadevi Institute of Managemet )

and my institution, for giving me an opportunity to undergo this learning
experience

Special thanks to Prof. Manish Gupta for his valuable guidance in completing
this project and helping me to understand this project better and supporting me
with his expertise on the same to make my project worth for my own benefit and
for the overall benefit of the objective of the summer project.

Last but not the least; I take pride in thanking my family, siblings, and friends for
their much-valued support.

Date:

Signature
Harshal Mevada
MMS
Finance
 Executive Summary

India is the third-largest crude steel producer in the world. In FY18, India produced
104.98 million tonnes (MT) of finished steel. Crude Steel production during 2017-
18 stood at 102.34 MT Steel consumption is expected to grow 5.7 per cent year-
on-year to 92.1 MT in 2018. India’s steel production is expected to increase from
102.34 MT in FY18 to 128.6 MT by 2021. The Government of India has allowed
100 per cent foreign direct investment (FDI) in the steel sector under the automatic
route. Nearly 301 MoUs have been signed with various states for planned capacity
of about 486.7 MT. India’s per capita consumption of steel grew at a CAGR of
4.75 per cent from 45 kgs in FY09 to 65.25 kgs in FY17. The figure stood at 68
kgs during April-February 2017-18. National Steel Policy 2017 seeks to increase
per capita steel consumption to the level of 160 kgs. M/s. Ishwar Ispat Industries
Pvt. Ltd. is proposing Steel Ingots/Billets through Induction furnace (2 x 10 TPH)
and con cast route of Capacity of 60000 tonnes per annum and manufacturing of
TMT Bars through Rolling Mills of Capacity (1 x 350 TPD) 105000 TPA at Plot
No. 662, 679, 697, 712 and 713 Urla Industrial Area, Tehsil and District Raipur,
Chhattisgarh State. The company already having 1.744 ha of land for proposed
project
 TABLE OF CONTENTS

CHAPTER TOPIC PAGE

NO.

1 INTRODUCTION 1

2 METHODOLOGY 6

3 REVIEW OF LITERATURE 8

4 CONCEPTUAL RELEVANCE 11

5 DATA AYALYSIS AND INTERPRETATION 20

6 OPPORTUNITIES 45

7 FINDINGS 47

8 CONCLUSION 48

9 BIBLIOGRAPHY & REFRENCES 49

INTRODUCTION
Steel industry is one of the essential industries for the development of any community. In fact, it
is really the base for numerous industries that could not have been established without steel
industry. Steel is crucial to the development of any modern economy and is considered to be the
backbone of human civilisation. The level of per capita consumption of steel is treated as an
important index of the level of socioeconomic development and living standards of the people in
any country. It is a product of a large and technologically complex industry having strong
forward and backward linkages in terms of material flows and income generation. All major
industrial economies are characterised by the existence of a strong steel industry and the growth
of many of these economies has been largely shaped by the strength of their steel industries in
their initial stages of development.
There are three basic routes to obtain finished steel products: 1. Integrated steel production, 2.
Secondary processing, and 3. Direct reduction. Integrated steel production involves transforming
coal to coke in coke ovens, while iron ore is sintered or belletized prior to being fed into the blast
furnace (BF). The ore is reduced in the blast furnace to obtain hot metal containing some 4%
carbon and smaller quantities of other alloying elements. Next the hot metal is converted to steel
in the basic oxygen furnace (BOF). Then, it is continuously cast to obtain semi-finished
products, such as blooms, bars or slabs. These semi-finished products are rolled to the finished
shapes of bars, sheet, rail, H or I beams.
The secondary processing, often called minimills, starts with steel scrap which is melted in an
electrical arc furnace (EAF). The molten steel produced is possibly treated in a ladle furnace and
then continuously cast and finished in a rolling operation. Originally, minimills provided only
lower grade products, especially reinforcing bars. But, they recently have been able to capture a
growing segment of the steel market.
An alternative mode of steel production is the direct reduction method. In this method,
production starts with high grade Iron ore pellets which are reduced with natural gas to sponge
pellets. Then, the sponge iron pellets are fed into an electrical arc furnace. The resulting steel is
continuously cast and rolled into a final shape.
The problem of the solid waste generated from iron and steel industry is not only hindering the
use of millions square meters of land for more useful purposes but also contaminating it. Many
of these waste materials contain some heavy metals such as barium, titanium, and lead. Also, it is
well known that toxic substances tend to concentrate in slag. Health hazardous of heavy metals
and toxic substances are well known. Based on the concentration levels, some slags may be
classified as hazardous waste materials. Furthermore, ground water is susceptible to serious
pollution problems due to the likely leaching of these waste materials. This section describes the
different types of solid waste materials generated from the iron and steel industry and the
associated environmental problems. Different techniques of managing these waste materials are
presented with a focus on utilizing slag and dust in civil engineering applications.

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India was the world’s second-largest steel producer with production standing at 111.2 million
tonnes (MT) in 2019. The growth in the Indian steel sector has been driven by domestic
availability of raw materials such as iron ore and cost-effective labour. Consequently, the steel
sector has been a major contributor to India’s manufacturing output.
The Indian steel industry is modern with state-of-the-art steel mills. It has always strived for
continuous modernisation of older plants and up-gradation to higher energy efficiency levels.
India is the largest producer of Direct Reduced Iron (DRI) or Sponge Iron in the world in
January – December, 2019, producing 36.86 Million Tonnes Sponge Iron with growth rate 7.7%
over the corresponding period last year (CPLY).
The country is also likely to become the 2nd largest consumer of finished steel in 2019, preceded
by China as the largest steel consumer (2019: 900mt) as per the Short-range Outlook, October,
2019 edition of World Steel Association. Capacity for domestic crude steel production expanded
from 109.85 Million Tonnes Per Annum (MTPA) in 2014-15 to 142.24 MTPA in 2018-19,
Compounded Annual Growth Rate (CAGR) of 6.8% during this five-year period.
Crude steel production grew at 7.6% annually (CAGR) from 88.98 MTPA in 2014-15 to 110.92
MTPA in 2018-19. During April – December, 2019 (provisional; source: JPC), the following is
the industry scenario as compared to same period of last year: Production of crude steel was at
82.192 Million Tonnes, up by 0.4%. SAIL, RINL, TSL, Essar, JSWL & JSPL together produced
46.752 Million Tonnes with a share of 57% and down by 0.4%. The rest 35.44 Million Tonnes
came from the Other Producers, up by 1.5%. With an 81% share, the Private Sector, producing
66.85 Million Tonnes, (up by 1.2%) led crude steel production compared to the 19% contribution
of the PSUs.
Pig iron production was 4.314 Million Tonnes, down by 14.3%. The Private Sector accounted for
88% of the same, the rest 12% being the share of the Public Sector. In case of total finished steel
(non-alloy + alloy/stainless): Production stood at 76.33 Million Tonnes, a growth of 1.8%.
Exports stood at 6.52 Million Tonnes, up by 39.4%, Imports stood at 5.51 Million tonnes, down
by 6.7%.
India was a net exporter of total finished. Consumption stood at 75.05 Million Tonnes, a growth
of 3.8%.

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HISTORY OF INDIAN STEEL INDUSTRY
The Steel industry is one of the largest industries in India and has a significant impact on the
Indian economy. India was the 3rd largest producer of raw steel for three consecutive years, from
2014 to 2016. Steel industry is at the core of globalization and is one of those industries which
have direct or indirect ties with every other industry. These metals are used in construction, to
build transport and even gadgets and robots. This makes the steel industry a very important and
prominent one.

Early Attempts
Attempts to establish iron and steel units were actively being made in the early years of 1800.
The very first attempt was made in the year 1808 by Mr. Duncan of the East India Company
which soon met its end. Another attempt was made by Josiah Marshall Heath who established
the first iron and steel unit at Porto Novo, Madras, in the year 1830. This plant, however, could
not succeed and was shut down in 1860.
The Bengal Iron and Steel Company
James Erskine started a small iron blast furnace in the jungles of Kulti, in the year 1870. The
production of iron soon began under the name of Bengal Iron Works Company which later
changed to Burrakar Iron Work. This company, however, was failing to gain the government’s
backing due to its bad quality of iron. Thus, the company was shut down for 8 years and
reopened after it was acquired by the Bengal Iron and Steel Company.
Even though the company produced over 50,000 tons of pig Iron per annum, it failed to make
profits in steel production due to the poor quality of ore used. This, however, changed in 1910
when the company began using better quality Iron ore. In the year 1926, the company changed
its name to Bengal Iron Company Ltd.
TISCO (Tata Iron and Steel Company)

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The modern-day Tata Steel, earlier known as TISCO, was established in the year 1907 by
Jamsedji Nusserwanji Tata in Jamshedpur. By 1939, TISCO was operating the biggest steel plant
in the entire British Empire. This company is the 7th largest steel producer in the world today
and the largest steel and iron producer in India.
Others
The IISCO plant was set up in 1919 at Burnpur and in 1930 the Bengal Iron Company merged
with IISCO. The Hindustan Steel Limited (HSL), a government-owned company, set up 3 plants
in 1950. This company came into being by the efforts of Prime Minister Jawaharlal Nehru.
Indian Steel Industry after independence
Post-Independence India has seen a magnificent growth in the Steel industry. From the year 1950
to 1951 India produced an estimate of 16.9 lakh tons of pig iron. During the first plan, Iron and
Steel in India, TISCO and IISCO were the three main players in the private sector and Mysore
State Iron and Steel Works were in the Public sector.
The Steel Authority of India (SAIL) was launched in the year 1973. It is a government
organization which manages all the major steel plants in India like Bhilai, Bokara, Rourkela and
Burnpur. This organization started managing the Iron and Steel in 1976.
The Maharashtra Elektrosmelt Limited and the Visweswaraya Iron and Steel Limited were taken
over by SAIL in the year 1986 and 1989 consecutively. The functioning of SAIL saw some
changes in the year 1991 owing to the Liberalized industry policy. This organization became
more tech-driven and the manual labour cut down by 40,000 in the next 5 years.
AMMAN-TRY
Amman Steel Group started in 1978, has made remarkable progress over the past 4 decades, it is
now one of the leading steel producers in South India. Amman Steel Corporation was initially a
scrap retail and trade organization and it soon expanded into the biggest integrated steel plant in
the private sector in South India. It is one of the largest and most reputed steel companies in
South India with 3 Rolling Mill plants in Tamil Nadu and 2 Steel making plants one in
Puducherry and another in Andhra Pradesh. It is headquartered at Tiruchirapalli, Tamil Nadu.
The company is engaged in the business of manufacturing of Bars and Rods of various sizes. The
rolled products are Steel Rods (CTD / TMT/ CRS) from 6mm to 25mm. These rolled products
are extensively used in building and other civil construction works. Amman-TRY has always
been a leader in the Steel industry, introducing new concepts in steel and started to produce CRS
Bars in 2007 after that AMMAN-TRY emerged as the major steel producer in Tamil Nadu.
Currently, India holds the place of the 8th largest steel producer in the world and this rank is
predicted to go up the charts owing to the growth in the Indian Steel industry.

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FINANCIAL YEAR '20
1.Steel demand remained subdued in FY20, largely due to lower consumption from construction,
auto, infrastructure, real estate, and manufacturing industries. Further, the slowdown in the
government's infrastructure investments and credit tightness impacted demand and consequently
weighed on pricing.
2. According to the Joint Plant Committee, crude steel production declined by 1.5% YoY to
109.2 MnT (Million Tonnes) in FY20, with a sharp contraction of 20% in March 2020 due to
Covid-19 containment measures.
3. Finished steel production grew 0.8% YoY to 102.1 MnT; non-alloy steel accounted for 96%
(up from 93%), or 97.7 MnT, while alloy steel contributed the balance 4.4 MnT. In the non-
alloy, non-flat finished steel segment, bars and rods grew by 3.6% YoY to 40.5 MnT, whereas in
non-alloy flats, hot rolled coil steel (HRC) grew by 2.6% YoY to 43.3 MnT.
4. India remained a net exporter of finished steel during FY20, with exports of 8.4 MnT, up
31.4% YoY. Non-alloy HRC was the most exported product at 4.8 MnT, while bars and rods led
the non-alloy, non-flat segment exports with 0.5 MnT.
5. Meanwhile, India imported 6.7 MnT of finished steel, down 13.6% YoY, with non-alloy HRC
accounting for 34% of the total imports. Imports from Korea accounted for 40% of the total
imports.
6. Finished steel consumption grew by 1.4% YoY to 100 MnT during FY20, non-alloy steel
accounting for 94% (94.1 MnT) and the rest being alloy steel (6 MnT). Within the non-alloy,
non-flat segment, bars and rods consumption was up 9.6% YoY to 39.7 MnT, while the non-
alloy flats were led by HRCs which was 40.6 MnT, down by 2.7% during FY20.
7. FY20 also witnessed the successful auction of 20 iron ore blocks in India, with combined
reserves of 583.1 MnT. Further, the Odisha government auctioned 22 (from about 25) iron ore
merchant mines where leases were due to expire on 31 March 2020. Of these, 19 were auctioned
at a premium of 91-154%.
8. Odisha, which accounts for over half of India's iron ore production, produced 120 MnT during
FY20, up from 118 MnT in FY19. While the availability of iron ore remained a concern in the
State of Karnataka due to closure of Donimalai mines, there were a few hiccups at a global level
such as the Vale dam disruption which led to a sudden spike in global iron ore prices.
9. Companies in the steel industry also invested heavily in expanding their capacity. In April
2019, JSW Steel announced plans to expand the capacity of its Vijayanagar plant from 13
million tonnes per annum (MTPA) to 18 MTPA with an investment of Rs 75 billion.
10. The Government implemented the Steel Import Monitoring System (SIMS), which aids in
monitoring real-time import data on quantity, quality and value of steel; the system helps detect
misclassification and mis-declaration regarding over/ under-invoicing, preventing import of
defective steel.

5|Page
Scope of the Study
Scopes for the study depicted as follows:
1. To study the performance of Indian steel industry.
2. Background of Indian steel industry.

Objectives of the Study

The following are the main objectives of this study:
1. To measure the performance of steel industry of India in terms of production,
consumption and foreign trade.
2. To study the prospect of the Indian steel industry in terms of production and
consumption.
3. To study Indian Steel Industry in Global Perspective.

Research Methodology
Methodology is the way to consistently solve the analysis drawback. This job had been
completed by following systematic and ordered steps. The present study is descriptive in nature
based on secondary data that has been collected from various annual reports, Ministry of Steel
(Government of India), Steel Statistical year book, World steel Association and Economic
Research Unit.
The study has been initiated to explore the performance of Indian Steel Industry. Therefore the
study is an explorative analysis. To finish the study each primary and secondary information has
been used.

Data and source of data

The study is empirical in nature and based on secondary data. The relevant data are collected
from different books, journals and articles, World Steel Association (2019), Joint Plan
Committee (2019), annual reports of Indian steelindustry and Government of India (2019).
On the opposite hand, the secondary information are those that have already been collected by
some other person that are collected through the statistical method. Secondary sources of
knowledge contains all printed and reportable materials together with books, journals, articles
etc.
Secondary information sources are
 Collection of secondary from Annual report.
 Secondary information even have been collected from the various publications such as
jgate plus, researchgate, journal,etc.
 Internet was one amongst the necessary sources for secondary information assortment.
6|Page
Limitation of the Study
1. The reliability of the study depends on the accuracy of data collected. The present
study is based on the published secondary data, hence the limitations of the
published financial statement limitations may be applicable to this study as well.
2. Limitation of the time period.

7|Page
Review of Literature
Dalvadi & Tagariaya (2019), studied shareholders returns of selected Infrastructure companies
in India during the period from 2013-14 to 2017- 18 through ratio analysis. The statistical tools
used for analysis are mean, standard deviation, one way Anova test etc. They found that there is
no significant difference in the performance of the selected Infrastructure companies in India in
terms of shareholders return and financial performance during the study period. They also stated
that the performance of DLF limited, Reliance Infrastructure limited and L & T limited have
better compared to IRB Infrastructure Developers Limited and Nagarjuna Construction Company
limited.
Yadav (2015) appraised and the performance of Iron and steel industry in terms of production,
consumption and foreign trade and found that the industry had grown in manifold.
Mr.Nitish SenGupta (2005) pointed out that though Indian Steel policy is liberalized the global
steel market should not be ignored any more by the domestic players. He opined that the
competitiveness in international market should become a compulsion for the Indian steel
Industry and there is a need for modernization.
J. J. Irani while examined the National Steel Policy (2005) and opined that the new initiatives
like the FDI in steel sector will help a lot the Indian Steel sector in developing the infrastructure.
With the upturn in the steel industry, the foreign companies have started showing interest in the
investment by way of Foreign Direct Investment in Indian Steel Industry by investing in the
existing company or in setting up of Green field steel projects.
Dr Ghosh,Sajal (2006) has expressed that a booming Indian economy and a strong growth in
demand in sectors such as realestate, infrastructure and automobiles translate into the buoyancy
in steel industry. Obviously, India has finally emerged as a steelmaking location for global
players. The global steel industry appears to be in a race to invest in high growth zones such as
India. The sector has received investment of US$ 5,994 millions lined up through 102
memorandums of Understanding signed by different state governments to add 103 million tones
in steel capacity.
Mr.J.J.Irani (2007) has commented that it is not desirable to export high grade iron ore from the
country. He opined that the existing steel plants in the country should enjoy assured supply of
iron ore for the next 20-25 years, taking into consideration their expansion plans.
Mr. Y. Siva Sagar Rao (2007) has envisaged that the target of 200 million tones by 2020 can be
achieved and in fact the output may even touch 300 million tones mark, but there are quite a few
challenges ahead like land acquisition, allotment of captive ironore mines, logistics, upgrading of
technologies and environment were some of the key issues.

8|Page
Overview of Steel
What is Steel ?
Steel is the common name for a large family of iron alloys which are easily malleable after the
molten stage. Steels are commonly made from iron ore, coal, and limestone. When these raw
materials are put into the blast furnace, the result is a "pig iron" which has a composition of iron,
carbon, manganese, sulphur, phosphorus, and silicon. As pig iron is hard and brittle, steelmakers
must refine the material by purifying it and then adding other elements to strengthen the material.
The steel is next deoxidized by a carbon and oxygen reaction. A strongly deoxidized steel is
called "killed", and a lesser degrees of deoxidized steels are called "semi-killed", "capped", and
"rimmed". Steels can either be cast directly to shape, or into ingots which are reheated and hot
worked into a wrought shape by forging, extrusion, rolling, or other processes. Wrought steels
are the most common engineering material used, and come in a variety of forms with different
finishes and properties. It is used in every aspect of our lives; in cars and construction products,
refrigerators, and washing machines, cargo ships, and surgical scalpels.
What are the Types of Steel?
Steel is not a single product. There are more than 3,500 different grades of steel with many
different physical, chemical, and environmental properties.
How is Steel Made?
Globally, steel is produced via two main routes: the blast furnace-basic oxygen furnace (BF-
BOF) route and induction furnace-electric arc furnace (IF-EAF) route. Variations and
combinations of production routes also exist. The key difference between the routes is the type of
raw materials they consume. For the BF-BOF route these are predominantly iron ore, coal, and
recycled steel, while the EAF route produces steel using mainly recycled steel and electricity.
About 75% of steel is produced using the BF-BOF route. First, iron ores are reduced to iron, also
called hot metal or pig iron. Then the iron is converted to steel in the BOF. After casting and
rolling, the steel is delivered as coil, plate, sections, or bars. Steel made in an EAF uses
electricity to melt recycled steel. Additives, such as alloys, are used to adjust to the desired
chemical composition. Electrical energy can be supplemented with oxygen injected into the
EAF. Downstream process stages, such as casting, reheating, and rolling, are similar to those
found in the BF-BOF route. About 25% of steel is produced via the EAF route.
How much Steel is produced in a year?
World crude steel production reached 1,673.9 million tonnes (MT) for the year 2019 as per
World Steel Association.

9|Page
Major Steel Producing Countries in the World in 2019
The top 10 Steel producing countries (including EU) accounted for around 91.1 per cent of
global steel production in 2019.
1. China 831.7 MT
2. European Union 168.1 MT
3. Japan 104.7 MT
4. India 101.4 MT
5. United States 81.6 MT
6. Russia 71.3 MT
7. South Korea 71.0 MT
8. Turkey 37.5 MT
9. Brazil 34.4 MT
10. Ukraine 22.7 M
China is the largest producer of steel in the world accounting for nearly 48.0 - 50.0 per cent of
global production of the metal while the enormous infrastructure investments by China also
make it the largest consumer of steel. Consequently, China dominates the Steel Industry globally,
affecting prices, policy, and outlook.
Major Steel Producing Companies in the World in 2019
1. Arcelor Mittal 97.0 MT
2. China Baowu Group 65.4 MT
3. Nippon Steel & Sumitomo Metal 47.4MT
4. HBIS Group 45.6 MT
5. POSCO 42.2 MT
6. Shagang Group 38.4 MT
7. Ansteel Group 35.8 MT
8. JFE 30.2 MT

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9. Shougang 27.6 MT
10. Tata Steel 25.1 MT

Types & Uses of Steel

What are the different grades of Steel?
Steel grade is determined by the quantum of carbon and other elements such as manganese,
phosphorous, sulphur, silicon, nickel, titanium, copper, chromium, and aluminium. These
elements determine the steel's properties, such as its hardenability, corrosion resistance, strength,
formability, weldability or ductility. The elements influence the properties of steel and its
acceptability is predicated on the final application. Steel can be classified based on its
composition into five broad groups viz. Carbon Steels, Alloy Steels, Stainless Steel, Tool Steels
and Galvanized Steels.
Classification of Steel based on Form & Shape
Steel can also be classified based on shapes and applications: Flat Products include plates,
sheets, coils, and strips. These materials are mainly used in automotive parts, appliances,
packaging, shipbuilding, and construction. Non-Flats include bars, and rods, rails, wires, angles,
pipes, and shapes and sections. These products are commonly used in the automotive and
construction sectors.
Basic Steel Manufacturing Process

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1.Iron Ore and Coal are extracted in impure powdered form from mines. Pelletization, Sintering
and Coking are methods of pre-treating the raw materials for the manufacturing of steel.
2. Sponge Iron, also known as Direct-Reduced Iron (DRI), is produced from iron ore lumps,
pellets, and fines through the reduction method. Manufacturing of Sponge Iron requires
significantly less energy as compared to the manufacturing of Pig Iron through the blast furnace
method. Sponge Iron can be compressed into highly dense Hot Briquetted Iron (HBI) making it
easy for transportation. The Iron output looks porous like a “Sponge” and hence the
nomenclature. There are 2 grades of Pig Iron – basic and foundry which primarily differ based
on silicon content.
3. Converter furnace may either be an Induction Furnace (IF), Electric Arc Furnace (EAF), a
Basic Oxygen Furnace (BOF) or Blast Furnace (BF). Pure oxygen is used to burn off impurities
such as carbon, phosphorous and sulphur, in the molten iron in the BOF process of
manufacturing. An EAF can also use scrap steel as an input for manufacturing steel.
4. The temperature and substance composition of the purified molten steel is adjusted through
the introduction and reduction of elements depending on the properties required for the final steel
product.

12 | P a g e
5. A semi-finished steel product is formed on cooling the purified molten steel which is further
processed to make the final steel product. The semi-finished steel product can be in the form of
slabs (wide and flat bars), bloom (rectangular cross-section, wide and thick bars), and billets
(square cross-section, thin bars). Ingots are also a semi-finished steel product that is melted and
used in forging and extrusion.
6. Direct Casting is when liquid metal is directly cast into specialised shapes.
7. To manufacture Stainless Steel further processing (addition of chromium and other elements)
is required to modify the properties of the steel output.

Steel Industry Value Chain

Integrated Steel Producers
Integrated Steel Producers are present across the value chain of steel manufacturing from the
mining of iron ore, to the manufacturing and marketing of finished products. The Basic Oxygen
Furnace method is used to manufacture the Steel.

Secondary Producers / Mini Steel Plants

These are smaller manufacturers manufacturing steel from sponge iron and scrap. Electric Arc
Furnace and Induction Furnace units are used to manufacture the steel.

Global Production of Steel

The Global Crude Steel Production for 2019 was 1,673.9 MT with China accounting for 49.7 per
cent of production. Other major crude steel producing countries in the order of production
include Japan, India, United States, Russia, South Korea, Germany, Turkey, Brazil and Italy.
These countries including China account for 83.7 per cent of global production amounting to
1,401.0 MT. Excluding China, global steel production in 2017 stood at 842.2 MT. Japan
accounted for 12.4 per cent of global production while India accounted for 12.0 per cent of the
production. The other major countries including United States, Russia, South Korea, Germany,
Turkey, Brazil, Italy and Ukraine together accounted for an additional 45.8 per cent of crude
production.
The global crude steel industry has grown at a CAGR of 2.2 per cent between 2007-2017. In the
corresponding period steel production in Japan, United States, Russia, Germany and Italy

13 | P a g e
declined by 1.3 per cent on average while production in China, India, Turkey and Brazil
increased by 3.9 per cent on average.
The growth has primarily been driven by China and India which grew 5.4 per cent and 6.6 per
cent respectively. Excluding China, global steel production saw a CAGR decline of 0.2 per cent
due to economic uncertainties in Europe and United States. China’s crude steel production grew
the most between 2007-2013 by 1.68 times at a CAGR of 9.0 per cent. The production was
driven by the rapid infrastructure development in the country. The growth has since tapered to a
CAGR of 0.3 per cent between 2013-2017.
China is in the process of rationalising steel production due to overcapacity and slow down in
infrastructure investments. Production is estimated to reduce by 20.0 per cent through 2020.
India’s steel production has nearly doubled between 2007-2017 to 101.4 MT.
Quarterly Steel Production Data indicates that India will overtake Japan and become the 2 nd
largest crude steel producer in the world in 2018. This growth is again backed by the
government’s investments in the infrastructure sector and improving economic conditions.

Capacity Utilization
The global steel capacity utilization has declined from 73.8 per cent in 2012 to 68.1 per cent in
2019.

Global Consumption of Steel

Global Consumption – Apparent Steel Use (Finished Steel Equivalent)
China accounted for 43.7 per cent of the apparent steel consumption (crude steel equivalent) in
the world. The other major consumers include United States, India, Japan and South Korea
accounting for an additional 19.9 per cent. Apparent Steel Consumption has grown at a CAGR of
2.4 per cent in 2009-2019. Excluding China, global steel consumption has grown at a CAGR of
0.5 per cent in 2009-2019. Most major steel consuming countries have only recently begun
realizing levels of consumption seen prior to the financial crisis in 2008-2009.
Global per capita Consumption – Apparent Steel Use (Finished Steel Equivalent)
The per capita consumption of steel is considered to be an indicator of the economic prosperity.
This method of measuring prosperity is, however, flawed as it does not take into account the
improvement in steel production technology that make it possible to use less steel and still

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achieve similar strength. The global steel consumption per capita is 207.3 kgs., with per capita
consumption in South Korea at 1,123.7 kgs., China at 485.2 kgs., United States at 284.9 kgs. and
India at 63.1 kgs. in 2016.
Steel Prices
There is no single price for steel due to the numerous steel grades and types available. One must
look at the prices in relation to the product that is manufactured and sold. To provide the price
movement of steel over the years, we have used the steel composite index which provides
weighted average prices across products grades and types. Prices of Hot Rolled Steel which is
the largest steel product manufactured is also a fair representative of the state of steel prices is
general. Due to China’s weak economic activity in 2013-2018 the country exported its excess
steel. Around 53.0 per cent more steel was exported between 2013-2018 thereby dampening
prices which fell by ~45.0 per cent between 2011-2016 causing stress to steel companies in other
regions of the world. Since early 2016, steel prices have been firming up and has recovered 87.0
per cent since the bottom seen in November 2018. The increase in steel price is attributed to
positive economic news from the United States and EU as well as the infrastructural growth
plans of India. China’s rationalization of its production has also contributed to the firming up of
steel prices

Indian Steel Industry

Industry Structure
The industry in India is classified based on the nature of the manufacturing companies into
Integrated Steel Producers (ISP) and Secondary Producers. Integrated Steel Producers are
companies that are present throughout the steel value chain - starting from the extraction of Iron
Ore to the manufacturing and marketing of finished steel. The Integrated Steel Producers account
for 43.0 per cent of steel production in India. The largest integrated steel players in India include
Steel Authority of India, Rashtriya Ispat Nigam Limited (Vizag Steel), Tata Steel, JSW Steel &
Power, JSW Steel, Electrosteel and Essar Steel. Other major players include Jindal Stainless
Steel and Jindal Stainless Steel (Hisar) Secondary Producers are generally smaller manufacturers
who manufacture steel from sponge iron and scrap.

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The secondary manufacturers manufacture steel using Mini Blast Furnace, Electric Arc Furnace
and Induction Furnace units. The share of secondary producers has been steadily rising in India
and in 2013-2019 secondary producers accounted for ~68.0 per cent of steel production in India.
In the aftermath of the coal scam in 2012-2013, the ISPs could better cope with the economic
uncertainty and saw a growth of 41.0 per cent in production as against secondary producers’ who
saw production decline by 11.4 per cent in the corresponding period.

Largest Steel players in India

Mittal Steel – ArcelorMittal
Mittal Steel Company is an Indian owned steel company, now part of ArcelorMittal and is the
largest producers of steel by volume in the world.
Tata Steel – TISCO
Tata Steel is the top steel producing companies of India, a subsidiary of the Tata Group and
largest steel company in India, headquartered in Mumbai. Photo Credit – TataSteel.
Tata Steel BSL, Tayo Rolls are also largest steel manufacturer in India, owned by Tata Group
and major competitors of Tata Steel are JSW Steel, ArcelorMittal, Essar Steel and SAIL.
JSW Steel – Jindal Group
JSW Steel is one of the fastest growing private sector steel company in India, owned by the JSW
Group and a leading steel manufacturer having presence across India. Jindal group is also one of
the largest steel producer, sells sponge iron and its JSW Steel Vijayanagar plant is one of the
highest productivity steel plant of India.
Steel Authority of India – SAIL
SAIL is a public sector undertaking company and owns 5 integrated steel plants in India at
Bhilai, Rourkela, Durgapur Bokaro and Asansol.

 Bhilai Steel Plant (BSP), Chhattisgarh

 Rourkela Steel Plant (RSP), Odisha
 Bokaro Steel Plant (BSP), Jharkhand
 Durgapur Steel Plant (DSP), West Bengal
 IISCO Steel Plant (ISP), West Bengal
Steel Authority of India is the 3rd largest steel producer in India and fastest growing Public
Sector Units of the country.
Rashtriya Ispat Nigam – Vizag Steel
Rashtriya Ispat Nigam or Vizag Steel is based in Visakhapatnam, One of the prime producer of
steel in India. Visakhapatnam Steel Plant is a Navratna and only Indian shore-based steel plant.

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Bhushan Steel – Tata Steel BSL
Bhushan Steel is now part of the Tata group and known as Tata Steel BSL Limited, one of the
prominent players in the Indian Steel industry and offers variety of products such as Hot Rolled
Coil, Galvanized Coil and Sheet.
VISA Steel
VISA Steel Company is a leading player in special Steel, Ferro Chrome and offers different sizes
of Bars and Wire Rods as per International Quality Standards.
ESSAR Steel – Essar Group
ESSAR Steel is a flat carbon steel manufacturer and a leading fully integrated steel manufacturer
in India that producer steel of an annual capacity of 10 million tonnes.
Essar Oil was part of the Essar Group, now known as Nayara Energy and owned by Rosneft oil
and gas company from Russia.

DATA ANALYSIS
Indian Steel Production
Production India is the 3 rd largest producer of crude steel in the world and is estimated to
overtake Japan, which is experiencing a decline in production, to become the 2 nd largest
producer in the world in 2019. Steel production is concentrated in the mineral rich eastern
regions including Jharkhand, Chhattisgarh, West Bengal and Orissa. Other states that produce
steel include Maharashtra, Karnataka, and Gujarat. India has added production capacity at a
CAGR of 6.9 per cent between 2012-2016 and as of 2019, India has the 3 rd largest installed
capacity for crude steel production.
The total steel production capacity is 125.8 MT with an average capacity utilization of 78.5 per
cent between 2012-2016 which is higher than the world average of 70.9 per cent in the
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corresponding period. The steel production in India has nearly doubled between 2009-2019 to
101.4 MT at a CAGR of 6.6 per cent. This growth is driven by the government’s investments in
the infrastructure sector and the growth in the economy . India is the largest producer of sponge
iron accounting for 25.0 per cent of global production for sale. India is also the 3 rd largest
producer of pig iron after China and Japan accounting for 5.0 per cent of global production for
sale.

Crude Steel Production

Crude production by the private sector accounts for 81.2 per cent of the total crude steel
production in India at 79.5 MT. Production by Private producers has grown at a CAGR of 6.4 per
cent between FY2015-FY2019. Production by private sector primarily comes from secondary
steel producers that accounted for 41.0 per cent of the crude steel produced in FY2019. Large
integrated private players - JSW Steel, Tata Steel, Essar Steel, and Jindal Steel account for 46.6
per cent of the crude steel production by the private sector.

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Finished Steel Production
Producer Finished Steel production in India grew at a CAGR of 6.6 per cent between FY2015-
FY2019 and stood at 115.9 MT (includes inter-plant transfers and own consumption). Production
of finished steel by the private sector has grown at a CAGR of 7.1 per cent between FY2015-
FY2019 and accounts for 87.2 per cent at 101.0 MT. Large integrated players – SAIL, Rashtriya
Ispat Nigam, JSW Steel (‘JSWL’), Tata Steel, Essar Steel (‘ESL’), and Jindal Power & Steel
(‘JSPL’) account for 49.8 per cent of the finished steel production.

Finished Steel Production - Alloyed and Non-Alloyed Steel

The first classification of Finished Steel is based on the steel material itself which can be broadly
classified as Alloyed and Non-alloyed Steel. Alloyed steels are steels that are manufactured by
introducing other elements such as manganese, phosphorous, sulphur, silicon, nickel, titanium,
copper, chromium, and aluminium in the smelting process to modify the steel’s mechanical
properties including strength, hardness and corrosion resistance. This steel find application in
extremely demanding conditions such as spacecrafts, jet engine parts and nuclear reactors among

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others. Alloy steel accounts for 7.3 per cent of finished steel manufactured in India at 8.5 MT in
FY2019. Between FY2015-FY2019, alloy steel production has seen a growth of 9.6 per cent
driven by the automobile, defence, power industry, and heavy engineering sectors. Non-alloyed
steel refers to steel where elements are not added during the smelting process. They are also
referred to as carbon alloys as the only element present other than iron is carbon. The carbon
content determines the strength, hardness and durability of the steel to a certain degree. Non-
alloyed steel accounts for 92.7 per cent of finished steel manufactured in India at 107.4 MT.
Between FY2015-FY2019, non-alloy steel grew by 6.4 per cent.

Finished Steel Production - Non-Alloyed Steel - Flat & Non-Flat Products

Non-Alloyed finished steel can be further segregated based on the shape of the output into Flat
and Non-Flat Products. Flat Products comprises of Plates, Hot Rolled Coil/Strips, Hot Rolled
Sheets, Cold Rolled Coils, Galvanized Steel, Tin Plates etc. among others. Non-Flat products
include Bars, Rods and Structurals. Flat products production has grown at the rate of 4.9 per cent
between FY2015 and FY2019 forming 52.9 per cent of non-alloyed steel production in India at
49.3 MT. Non-flat products production has grown at the rate of 5.6 per cent between FY2015
and FY2019 forming 47.1 per cent of non-alloyed steel production in India at 44.0 MT.

Finished Steel Production - Non-Alloyed Steel – Flat Products

Hot Rolled Coil/Strips, Hot Rolled Sheets, Cold Rolled Coils/Sheets, Galvanized Steel of various
types, and Pipes accounts for 97.9 per cent of the non-alloyed flat products manufactured in
India.

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Flat Steel Production – Non-Alloyed Steel – Non-Flat
Bars and Rods, and Structural Steel accounts for 96.5 per cent of the total non-flat steel
manufactured in India.

Performance of the Industry

The iron and steel industries are most important industries in India. During 2014 through 2016,
India was the Second largest producer of raw steel and the largest producer of sponge iron in the

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world. The industry produced 82.68 m million tons of total finished steel and 9.7 million tons of
raw iron. Most iron and steel in India is produced from iron ore. The Indian Ministry of Steel is
concerned with: the coordination and planning of the growth and development of the iron and
steel industry in the country, both in the public and private sectors. Raw materials of iron and
steel are heavy and massive. They encompass ironore, coking coal and limestone. The finished
products in turn are also heavy and need efficient transport system for their distribution. The
Chota Nagpur plateau bordering West Bengal, Bihar, Orissa, and Madhya Pradesh has been the
natural nervecentre. Iron and steel is the backbone of the heavy machines and tools industry.
Umpteen number of light, medium, small and cottage industries depend on it, as a 44 result of
modernization and industrialization of a country. Iron and steel also necessitates enormous
investment, reliable infrastructure, means of transport and communication system and most
importantly plentiful fuel or power supply.
Various new policies and other initiatives undertaken by the Government of India have given a
new thrust to the growth and flourishing of the iron and steel industry. As a result, expansion and
modernization measures are being adopted by the units that already exist while numerous new
plants are being set up in various regions of the nation. These plants are more improved,
economic and cost effective as they use advanced technologies. Fuelled by growing demands
from automobiles, infrastructure and the real estate sectors, the iron and steel industry of India
has gained global recognition. India is among the top producers of all forms of steel in the world
second position. Steel plays a vital role in the development of any modern economy. The per
capita consumption of steel is generally accepted as a yardstick to measure the level of
socioeconomic development and living standards of the people. As such, no developing country
can afford to ignore iron and steel. The production of DRI or Sponge Iron stood at 30.51 million
tons in 2017-18.
India was the largest producer of DRI in the world during the period since 2003, based on data /
rankings released by the World Steel Association. Effective from 2017- 18, with the approval of
the Ministry of Steel and following rounds of interaction with industry experts, the JPC reporting
system had changed, given the changing dynamics of steel industry, its changing structure and
mode of operation and also the changes in the policy environment. Under the new system,
production for sale has been replaced by gross production or simply production – a concept
applicable across the spectrum, from iron-making and crude steel to finished steel.

Development of iron and steel industry in India

Indian steel industry is one of the fastest growing industries and contributes a significant amount
to the country’s Gross Domestic Product (GDP). As compared to China, India had an excellent
beginning. India is the world’s largest producer of direct reduced iron (DRI) or sponge iron. In
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2012, India produced 73.79 million tons of crude steel as against 46.46 million tons in 2006. Pig
iron production was 6.87 million tons in 2012-13, a growth of five per cent compared to previous
year. Several measures undertaken by the government have increased the growth of the iron and
steel industry in India. Some of the measures include low import duties, simple tax structure and
unrestricted external trade.
The social reforms introduced by the government improved the development process of iron and
steel industries in India. The government has lately declared that special economic and
investment regions would be established in almost six states. These would, 50 henceforth support
further processing of steel, including a few special economic zones where state of the art
infrastructure would be provided by the government to develop a better industrial region. Thus,
augmentation of production in iron and steel industry in India, by adopting more effective and
efficient technologies for manufacture, will help in realizing social, environmental and economic
development objectives.
At present India produces 80 million tons of steel, but as per the 'National Steel Policy' country is
expected to raise this production to 200 million tons by the year 2020. Though India has large
reserves of iron ore, estimated at 28.52 billion tons, magnetite reserves could not be exploited
due to the presence of these ores in the 'eco-fragile' zones mainly in the Western Ghats. Iron ore
is found as hematite and magnate in India in the ratio of 63:37. The competitive cost and good
availability of labor and raw materials gives the Indian steel industry comparative cost
advantage4. The iron and steel industry in India is divided into three categories i.e. main
producers, other major producers and the secondary producers.
The main producers and other major producers have integrated steel making facility with plant
capacities over 0.5 mt and utilize iron ore and coal gas for production of steel. Amongst the
Integrated producers, the major producers include Tata Steel Limited, Rashtriya Ispat Nigam
Limited and Steel Authority of India Limited who generate steel by converting iron ore. The
secondary producers like Ispat Industries, Lloyds steel and Essar Steel, create steel through the
process of melting scrap 51 iron. These are mainly small steel plants and produce steel in electric
furnaces, using scrap and sponge iron.

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Market Size

 India’s finished steel consumption grew at a CAGR of 5.2% during FY16-FY20 to reach
100 MT. India’s crude steel and finished steel production increased to 108.5 MT and
101.03 MT in FY20P, respectively.
 Between April 2020 and November 2020, India’s cumulative production of crude steel
was 62.01 MT and finished steel was 55.68 MT.
 Export and import of finished steel stood at 8.24 MT and 6.69 MT, respectively, in
FY20P.
 Export and import of finished steel stood at 7.70 MT and 2.70 MT, respectively, between
April 2020 and November 2020.

Investments

Steel industry and its associated mining and metallurgy sectors have seen major investments and
developments in the recent past.

According to the data released by Department for Promotion of Industry and Internal Trade
(DPIIT), the Indian metallurgical industries attracted Foreign Direct Investment (FDI) to the tune
of US$ 14.24 billion in the period April 2000-September 2020.

Some of the major investments in the Indian steel industry are as follows:

 In a move towards becoming self-reliant, Indian steel companies have started boosting
steel production capacity. To this end, SAIL announced doubling of its at 5 of its steel
plants capacity in September 2020.
 In March 2020, Arcelor Mittal Nippon Steel India (AM/NS) acquired Bhander Power
plant in Hazira, Gujarat from Edelweiss Asset Reconstruction Company.
 In February 2020, GFG Alliance acquired Adhunik Metaliks and its arm Zion Steel for
Rs. 425 crore (US$ 60.81 million), marking its entry into the Indian steel market.
 For FY20, JSW Steel set a target of supplying around 1.5 lakh tonnes of TMT Rebars to
metro rail projects across the country.
 In December 2019, Arcelor Mittal completed the acquisition of Essar Steel at Rs. 42,000
crore (US$ 6.01 billion) and formed a joint venture with Nippon Steel Corporation.
 JSW Steel has planned a US$ 4.14 billion capital expenditure programme to increase its
overall steel output capacity from 18 million tonnes to 23 million tonnes by 2020.
 Ministry of Steel plans to invest US$ 70 million in the eastern region of the country
through accelerated development of the sector.
 The production capacity of SAIL is expected to increase from 13 MTPA to 50 MTPA in
2025 with total investment of US$ 24.88 billion.
 Tata Steel has decided to increase the capacity of its Kalinganagar integrated steel plant
from 3 million tonnes to 8 million tonnes at an investment of US$ 3.64 billion.

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Government Initiatives

Some of the other recent Government initiatives in this sector are as follows:

 In December 2020, the Minister for Petroleum & Natural Gas and Steel, Mr. Dharmendra
Pradhan, has appealed to the scientific community to Innovate for India (I4I) and create
competitive advantages to make India ‘Aatmanirbhar’.
 In September 2020, the Ministry of Steel prepared a draft framework policy for
development of steel clusters in the country.
 On October 1, 2020, Directorate General of Foreign Trade (DGFT) announced that steel
manufacturers in the country can avail duty drawback benefits on steel supplied through
their service centres, distributors, dealers and stock yards.
 Government introduced Steel Scrap Recycling Policy to reduce import.
 An export duty of 30% has been levied on iron ore^ (lumps and fines) to ensure supply to
domestic steel industry.
 Government of India’s focus on infrastructure and restarting road projects is aiding the
demand for steel. Also, further likely acceleration in rural economy and infrastructure is
expected to lead to growth in demand for steel.
 The Union Cabinet, Government of India approved the National Steel Policy (NSP) 2017,
as it intend to create a globally competitive steel industry in India. NSP 2017 envisage
300 million tonnes (MT) steel-making capacity and 160 kgs per capita steel consumption
by 2030-31.
 The Ministry of Steel is facilitating setting up of an industry driven Steel Research and
Technology Mission of India (SRTMI) in association with the public and private sector
steel companies to spearhead research and development activities in the iron and steel
industry at an initial corpus of Rs. 200 crore (US$ 30 million).
 The Government of India raised import duty on most steel items twice, each time by
2.5% and imposed measures including anti-dumping and safeguard duties on iron and
steel items.

Road ahead

The National Steel Policy, 2017 envisage 300 million tonnes of production capacity by 2030-31.
The per capita consumption of steel has increased from 57.6 kgs to 74.1 kgs during the last five
years. The government has a fixed objective of increasing rural consumption of steel from the
current 19.6 kg/per capita to 38 kg/per capita by 2030-31.
As per Indian Steel Association (ISA), steel demand will grow by 7.2% in 2019-20 and 2020-21.
Huge scope for growth is offered by India’s comparatively low per capita steel consumption and
the expected rise in consumption due to increased infrastructure construction and the thriving
automobile and railways sectors.

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Indian Steel Consumption & Export-Import
Finished Steel Consumption

India is the 3 rd largest consumer of crude steel in the world after China and United States.
India’s finished steel consumption has grown 1.6 times between 2009-2019 to 83.5 MT in 2019
growing at a CAGR of 5.5 per cent in the period. The increase in consumption is a consequence
of the infrastructural spends and growth in the automobile sector. Although India is the 3 rd
largest consumer of steel in the world it ranks 95th out of 142 countries in per capita
consumption. The per capita Consumption of steel has grown by a factor of 1.5 times from 43.6
kilograms in 2009 to 63.1 kilograms (rural consumption 10.0 kilograms per capital) in 2019 at a
CAGR of 4.2 per cent. Even with the huge infrastructure expenditures envisioned, India is
estimated that it will take several years for India to catch up to the world average of per capita
consumption. The New Steel Policy, 2019, has envisaged to increase in the per capita
consumption from the present 63.1 kilograms to 160 kilograms by 2030.
Exports & Imports of Steel

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India’s Exports and Imports can be classified as Alloyed Steel, Non-Alloyed Steel and Other
Steel (includes Pig Iron, Sponge Iron, Steel Scrap, Fittings, and Other Items). India’s Total Steel
Exports stood at 10.0 MT in FY2019 growing at a CAGR of 9.9 per cent between FY2014-
FY2019. Non-Alloyed Steel accounted for 88.1 per cent of the exports, Alloyed Steel accounted
for 6.7 per cent of the exports while the balance 5.2 per cent related to the exports of pig iron and
sponge iron. Based on the steel shapes, Flat Finished Steel (Alloy and Non-Alloy) accounted for
72.1 per cent of the exports, Non-Flat Finished Steel (Alloy and Non-Alloy) accounted for 10.7
per cent of the exports while 12.0 per cent was exports of semi-finished steel. Exports of Hot
Rolled Coils/Sheets (41.1 per cent), Cold Rolled Coils/Sheets (19.4 per cent) and Galvanized
Products (23.9 per cent) accounted for 84.4 per cent of Flat Finished Steel Exports which has
grown at a CAGR of 12.0 per cent between FY2014-FY2015. India’s Total Steel Imports stood
at 15.7 MT in FY2019 growing at a CAGR of 2.7 per cent between FY2014-FY2019.
Non-Alloyed Steel accounted for 30.7 per cent of the imports, Alloyed Steel accounted for 11.9
per cent of the imports while the balance 49.4 per cent related to the imports of other items
(primarily steel scrap - 49.2 per cent), pig iron and sponge iron. Based on the steel shapes, Flat
Finished Steel (Alloy and Non-Alloy) accounted for 39.6 per cent of the imports, Non-Flat
Finished Steel (Alloy and Non-Alloy) accounted for 6.3 per cent of the imports while 4.8 per
cent was imports of semi-finished steel. Excluding Scrap Steel Imports India was a net exporter
in FY2019.

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National Steel Policy, 2017

A robust Steel Industry is fundamental to the economic growth of any country as it supports all
the other industries for industrialization. National Steel Policy provides the government’s vision,
roadmap and focus with regards to various aspects of steel making in India including sourcing of
raw materials, production, and consumption of Steel.
National Steel Policy, 2017 was released on May 3 rd , 2017. The Indian government has
indicated that the following objectives of the National Steel Policy, 2017:
Raw Materials
1. Ensure the availability of key raw materials including iron ore, coking and non-coking coal,
natural gas and other metals required for making steel (alloyed/non-alloyed) through policy push.
2. Reduce dependence on imported washed coking coal to 65.0 per cent from the current 85.0 per
cent by FY2031.
3. Adopt energy efficient technology in the smaller steel players to improve productivity and
reduce energy consumption.
4. Promote BOF method of manufacturing steel.
Production & Consumption
1. Increase the production capacity from current 125.8 MT to 300 MT by FY2031.
2. Increase per capita consumption of steel from the present 63.1 kilograms to 160.0 kilograms
by 2030 through policy support to consuming sectors such as in infrastructure, housing and the
automobile sectors.
3. Meet the demand for high grade automotive steel, electrical steel and other special steels and
alloys through domestic production by FY2031.

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4. Reduce dependence on imports and become a net exporter of steel by FY2026.

Significant Indian Steel Players

Company Profile: JSW Steel

Business Description
JSW Steel Limited is a holding company of the JSW Group with interests in Steel, Energy,
Infrastructure and Cement. The JSW Group’s foray into steel manufacturing began in 1982,
when it set up the Jindal Iron & Steel Company with its first steel plant at Vasind near Mumbai.
The next two decades saw significant expansion and several acquisitions, following the merger
of Jindal Iron & Steel Co (JISCO) and Jindal Vijayanagar Steel Ltd (JVSL) in 2005. The
Company is engaged in the business of production and distribution of iron and steel products. It
has plants in over six locations in India, including Vijayanagar in Karnataka, Salem in Tamil
Nadu, and Tarapur, Vasind, Kalmeshwar and Dolvi in Maharashtra with a total capacity of 18.0
MT. The group has a presence in over 100 countries and is recognised worldwide as a
manufacturer of high-end, value-added steel and is India’s largest exporter of coated products.
Business Segments / Product Lines
The product line for JSW Steel can be classified based on the finished product type:
▪ Hot Rolled (HR) Coils, Sheets and Plates
▪ Cold Rolled Coils and Sheets;
▪ Galvanized Products and Galvalume Products; Pre-painted Galvanized Products (Color Coated
Sheets/Coils); Pre-painted Galvalume Products;

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▪ Electrical Steel (CRNGO); Wire Rods; Special Steel Bars/Wires;
▪ Rounds, Blooms, and Angles
The JSW Steel caters to the following industries:
▪ Automotive: Automotive grade steel for use in suspension, transmission, engine components,
chassis components, fasteners and ball bearings.
▪ General Engineering: Steel for panel manufacturing, packaging fabrication, drums, barrels
and furniture.
▪ Machinery & Heavy Engineering: High Strength Steel for heavy equipment and machinery
manufacturers.
▪ Construction & Infrastructure: Specialized Steel for telecom, buildings, industrial sheds,
railways, roads and bridges, ports, and energy.
Company Profile: Steel Authority of India

Business Description
Steel Authority of India Limited (SAIL) is a public sector undertaking, owned and operated by
the Government of India. The Company traces its origin to the Hindustan Steel Limited (HSL)
which was set up in 1954.
The Government of India owns about 75% of SAIL's equity and retains voting control of the
Company. However, by virtue of its Maharatna status, SAIL enjoys significant operational and
financial autonomy.
The Company is the 2 nd largest crude steel producer in India with a total capacity of 17.5 MT.
SAIL produces iron and steel at five integrated plants and three special steel plants, located
principally in the eastern and central regions of India and situated close to domestic sources of
raw materials.
Business Segments / Product Lines
The Company’s products include the following:
Flat Products
▪ Hot Rolled Coils
▪ HR Plates

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▪ Cold Rolled Coils
▪ Pipes and Electric Sheets
Long Products
▪ Thermo Mechanically Treated (TMT) Bars
▪ Wire Rods.
Other Products
▪ Rails
▪ Structurals
▪ Merchant Products,
Company Profile: Tata Steel

Business Description
Tata Steel Limited manufactures and sells steel products in India and internationally. The group
has manufacturing operations in 26 countries, including Australia, China, India, the Netherlands,
Singapore, Thailand and the United Kingdom.
It is one of the top steel producing companies globally with annual crude steel production of 24.5
MT (in FY17), and the second largest steel company in India (measured by domestic production)
with an annual capacity of 12.5 MT.
Tata Steel primarily serves customers in the automotive, construction, consumer goods,
engineering, packaging, lifting and excavating, energy and power, aerospace, shipbuilding, rail
and defence and security sectors.
Business Segments / Product Lines
The product line for Tata Steel can be classified based on the industries catered to:
▪ Agriculture: Steel products for agricultural sector
▪ Automotive, Aerospace & Defence: Steel products for vehicle manufacturers and component
suppliers. In addition, the company offers and aerospace steels, including ingots, bars, and cut
pieces for the production of gas turbine engines, landing gear, controls, and aero structure
components, as well as shipbuilding, rail, and defence and security products.
▪ Construction: Structural frames, infrastructure products, building envelopes, and internal fit
out application products for the construction industry

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▪ Consumer Goods: Hot rolled coils and high-gloss pre-finished steel perforated blanks for use
in consumer goods
▪ Energy & Power: Welded pipeline packages and prefabricated structural products for wind,
and oil and gas structures; and light fabricated systems for solar farm foundations. It also
provides semi-finished steel components for drilling and power generation.
▪ Engineering: Hot rolled and cold rolled sheets, wire rods and wires, sections, plates, bearings,
and tubes for engineering companies; and engineering services.
▪ Materials Handling: Steel products for lifting and excavating sectors. Tinplate, ECCS, and
protact polymer-coated steel products for food and beverage cans, as well as for paint, aerosols,
closures, and promotional packaging; formable steels for steel drums and pails in the industrial
packaging sector.

Company Profile: Essar Steel

Business Description
Essar Steel India Limited, an integrated steel producer which manufactures and sells steel
products primarily in India. The Company also processes and trades in construction materials;
and extracts and prepares thermal and metallurgical coal. It also exports its products to Europe,
the Middle East, Africa, South America, and Asia, as well as to the NAFTA and ASEAN
regions.
Essar Steel’s manufacturing facilities across comprises ore beneficiation, pellet making, iron
making, steel making, and downstream facilities including cold rolling mill, galvanising, pre-
coated facility, steel processing facility, extra wide plate mill and a pipe mill.
Essar Steel has the largest steel manufacturing facility in the western region of India at 10.0 MT,
supported by a captive port, power plant, lime plant and oxygen plant.
The Company is currently under insolvency proceedings under the IBC due to its inability to
service debt. ArcelorMittal and JSW Steel are in contention to acquire the Company under the
IBC the outcome of which is awaited.
Business Segments / Product Lines
The Company provides steel products for use in engineering, shipbuilding, automotive,
construction, railways, white goods, line pipes, wind engineering and power generation, boilers
and pressure vessels, and yellow goods.

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The Company’s products include the following:
▪ Hot Rolled Products ▪ Cold Rolled Products
▪ Galvanized Steel Products
▪ Color Coated Sheets
▪ Pipes and Plates
▪ Shot Blasted and Primed Plates
▪ Factory Welded Beams
▪ Burnt-to-shape Plates
▪ Trapezoidal Blanks
▪ Chequered Plates
Company Profile: Jindal Steel & Power

Business Description
Jindal Steel & Power Limited operates in steel, power, mining, and infrastructure sectors in Asia,
Africa, Australia, and the Middle East.
The company produces steel and power through backward integration from its own captive coal
and iron-ore mines. The company has significant mining interests in South Africa, Mozambique,
Namibia, Botswana and Mauritania and is expanding into steel, energy and cement.
The Company has a total crude steel capacity of 8.6 MT. It manufactures and sells sponge iron,
mild steel slabs, ferro chrome, iron ore, mild steel, structural, hot rolled plates and coils. The
Company operates the largest coal-based sponge iron plant in the world with an installed
capacity of 3.0 MT of steel at Raigarh in Chhattisgarh.
It also has a 3,400 MW thermal power plant in Tamnar, Chhattisgarh; and a 258 KM long 400
KV double circuit transmission lines for the distribution of power in India.
Business Segments / Product Lines
The Company offers track and crane rails, and flash-butt welded rail panels; and medium and
heavy hot rolled parallel flange beams and column sections for use in refineries, metro rail
projects, airports, flyovers, power plants, highways, malls, and high rise buildings.
It provides discrete and cut to length plates, and hot rolled coils that are used in general
engineering and structural fabrication, railway wagons, pressure vessels and boilers, oil and gas

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pipelines, bridges and flyovers, shipbuilding, earthmoving equipment, wind mills, and defence
equipment.
In addition, the company offers suspended concrete flooring systems for use in steel frame
structures, RCC frame buildings, poured insitu or precast concrete frames, light gauge steel
frames, and conventional structural brick wall constructions; semi-finished products for pipe
industries, integrated mills, and rolling facilities; and coal-based sponge iron products.
The Company's segments include Iron and Steel, Power, and Other - consisting of aviation
services and machinery division. The Company’s steel product portfolio consists of steel product
mix, construction solutions, and construction material and solutions.
▪ Steel product mix category includes rails and head hardened rails, parallel flange beams and
columns, angles and channels, plates, coils and wire rods.
▪ Construction solutions category includes fabricated steel section, speedfloor, light gauge
structures, and insulated dry wall panel.
Company Profile: Bhushan Steel

Business Description
Bhushan Steel Limited is the largest secondary Steel maker in India and also the largest
manufacturer of auto-grade steel in India.
Incorporated in 1983, the company operates 3 plants located at Maharashtra, Odisha and Uttar
Pradesh with a total capacity of 5.6 MT. The plant at Uttar Pradesh produces the widest sheets in
India for the automotive industry and is highly automated.
Being amongst the prime movers of the technological revolution in Indian Cold Rolled Steel
Industry, the Company has emerged as the country's largest and the only Cold Rolled Steel Plant
with an independent line for manufacturing wide Cold Rolled Coil and Sheet. The Company also
has a Galvanized Coil and Sheet line up to a width of 1350 mm.
The Company is currently under insolvency proceedings under the IBC due to its
inability to service debt. Tata Steel and Liberty House, UK are inn contention to acquire the
Company under the IBC the outcome of which is awaited.
Business Segments / Product Lines
The Company manufactures the following steel products:
▪ Hot Rolled Coil

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▪ Cold Rolled Coils
▪ Galvanized Coil and Sheet
▪ Galume Coil and Sheet
▪ Color Coated Coils
▪ Color Coated Tiles
▪ High Tensile Steel Strips
▪ Hardened and Tempered Steel Strips
▪ Precision Tubes
▪ Coated Pipes
▪ Billets and Sponge Iron.

Cost Structure: JSW Steel, JSPL, SAIL, Tata Steel, Bhushan Steel

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Steel Outlook
Global Steel Outlook

The global outlook for all major commodities is dominated by the economic activity in China.
The past few years have been testing times for the steel industry worldwide with stagnation in
demand exacerbated by the steep fall in steel prices. Demand for steel grew at a CAGR of 1.4 per
cent in 2013-2019 as against 3.7 per cent in 2007-2018 and has remained flat in 2014-2018 due
to the tepid economic conditions globally. Many companies that undertook capacity expansion
on expectations of increased demand from Asia have seen underutilized capacities resulting in
poor economics.

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China & the World
China witnessed a slowdown in business activity which caused its domestic steel consumption to
fall to 88.0 per cent of production in 2013-2019 as against 94.0 per cent in 2007-2019, while
steel production in China fell by 1.7 per cent in 2013-2016 as against a CAGR of 9.0 per cent in
2007- 2018.
Due to the weakness in the Chinese economy, the excess production was exported from China.
Between 2013-2019 Chinese exports grew at a CAGR of 21.0 per cent as against -2.3 per cent in
2007-2019. Exports in 2014 alone grew by 51.0 per cent over 2013, highlighting the imbalance
in the Chinese domestic supply and demand.
The domestic producers in other countries could not compete with China on pricing and local
demand shifted towards cheaper Chinese imports. Consequently, numerous protectionist
measures have been undertaken by governments to counter China’s dumping of steel in the
international markets to protect the local industry.
Demand-Supply Situation
The steel industry is currently experiencing overcapacity with supply outstripping demand.
China has committed to cut production capacity by 20.0 per cent all the way till 2020 to less than
1 Bn. tonnes, however, it is likely that the oversupply in the market will persist. The current
capacity utilization of 68.1 per cent is estimated to improve to ~76.0 per cent going forward but
will remain significantly below the 83.0 per cent utilization 10 years ago at the industry’s peak.
The demand for the metal is estimated to grow slowly at 0.8 per cent per year on an average
through 2025 to 1,629 MT from 1,517 MT in 2018. The premise is that China, which has been
the hinge of global demand for the metal since 2000, has rapidly urbanized and industrialized
with per capita consumption at 1.6 times that of the developed world at 485.2 kilograms. The
infrastructure boom in China has most likely reached its peak as the country transforms into a
services dominated economy.
Steel Prices & Raw Materials
The flooding of the market with cheaper Chinese steel impacted the international prices of the
metal which fell from USD 700 per tonne in 2011 to USD 320 per tonne in 2019. As of 2019, the
prices have still not recovered to the levels prior to 2011.
Steel prices are estimated to remain muted in the near future due to the underlying oversupply.
The recent price increases is believed to be a short-term phenomenon and periods of volatile
steel prices is expected. The volatility is a consequence of global protectionist measures
undertaken by various governments to preserve their respective domestic steel industry, which
has temporarily skewed the pricing internationally.
However, at a unit level, steel prices are a consequence of the cost of primary raw materials -
coal and iron ore, and the ability of steel producers to efficiently transform the raw materials to
finished steel with a positive net margin. The current overcapacity, underutilization and

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economic inefficiencies will continue to bear more weight on the steel price dynamics, although
the cost of raw materials is expected to remain muted in the near future.
Going ahead
The common themes that are expected to play out in the global market include consolidation by
the larger players, as witnessed by the Tata-ThyssenKrupp and ArcelorMittal-Ilva transactions,
as well as closures of inefficient facilities globally.
Major steel players are also moving up the value chain by manufacturing specialized products in
close association with their user industries to offset the weak demand in the commoditized steel
markets to shore up margins.

Indian Steel Outlook

The growth in the Indian economy has fuelled the infrastructure, industrial manufacturing,
automobile, and consumer durables sectors in the country, which have in turn led to significant
increase in steel demand. The domestic steel industry grew in line to meet the steel demand from
a modest capacity of 22.0 MT and production of 17 MT of crude steel in 1992, the industry has
grown by over 400.0 per cent to reach a capacity of 128.3 MT and a production level of 97.9 MT
in 2018.
China Factor

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The decline in demand in China and the subsequent supply glut in the international market since
2013, has led to dumping of steel products in the only major growing steel market in the world -
India. Steel imports into India grew by 40.2 per cent in FY 2016 as the cheap Chinese imports
started substituting the domestic demand and led to slowdown in growth of domestic production.
The government responded through the imposition of minimum support prices and anti-dumping
duties in 2016 which saw the steel imports reducing by 25.4 per cent in 2019.
Insolvency & Opportunities
The Indian banking system has been battling a chronic case of non-performing assets. The steel
industry tops the list with the highest non-performing assets. The top 5 steel companies in stress
cumulatively owe INR 1.5 lakh crore to banks. The situation is an aftermath of the oversupply
from China and sustained weakness in steel prices and have crippled several large steel players
including Essar Steel, Bhushan Steel, Monnet Ispat and Electrosteel which are facing
bankruptcy.
The rapid capacity expansion in anticipation of demand, from 75.0 MT in 2010 to 125.8 MT in
2019, witnessed the capital intensive industry leverage their balance sheet to an average 2.4x
debt to equity against the historical average of 1.7x. Although the demand stayed true, prolonged
weakness in prices due to China caused these producers with over leveraged balance sheets and
underutilised capacities to default on interest and principal payments.
The introduction of the Insolvency & Bankruptcy Code, 2018 has provided larger players with
the opportunity to consolidate their position by acquiring stressed steel companies referred for
resolution. Larger players, both domestic and global, have taken note of the value in buying
stressed steel assets to rapidly increase existing capacities, introduce new value added business
lines, and avail synergistic benefits. Bids have been received on Essar Steel and Bhushan Steel
with finality on the transactions expected in the near future.
Going Forward
Inspite of the sectoral stress, Indian consumption story remains intact and India remains a bright
spot in the global steel industry. The GDP for India is estimated at 6.6 per cent in FY2019 and
estimated accelerate to 7.3 per cent in FY2019 and 7.6 per cent in FY2020.
The Indian steel industry also enjoys an inherent advantage in terms of availability of high grade
iron ore and non-coking coal – the two critical inputs of steel production. In addition, it also has
a vast and rapidly growing market for steel, a strong MSME sector and a relatively young work
force with competitive labour costs making the globally sector competitive.
It is estimated that India will require INR 50.0 lakh crore in infrastructure spending through
2022. The National Steel Policy, 2017 envisages total reliance on domestic steel production by
2030. The push from government through various policy measures including ‘Make in India’
scheme and budgetary allocation of INR 6.0 lakh crore for the infrastructure sector in FY2019
(up 20.0 per cent over FY2018) is expected to create demand for the metal. In the light of the
preceding, the Indian steel industry is estimated to perform better after the lull in the past few
years to grow at a health pace of 6.0 per cent through 2022.

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Overall economic growth and more specifically accelerated spend in infrastructure sector
including roads, railways and ship building, anticipated growth in defence sector and the
automobile sector are expected to create significant demand for steel in the country. In addition
to this, favourable demographics, improvement in various socio-economic indicators, increasing
penetration of steel in rural areas, and increased usage of steel in bridges, crash barriers are also
expected to contribute positively to steel demand.
The focus on the Make in India initiative is overall expected to give a fresh boost to steel
consumption through defence and shipbuilding.

GROWTH DRIVERS
Strong demand and policy support driving investments
 Growing demand
Growing demand in the construction industry Growing demand in the automotive sector As per
the Union Budget 2019-20, the Government’s push to infrastructure sector will increase the
demand for steel Rising demand for consumer durables and capital goods.
 Policy support
100% FDI in the steel sector The Government released the National Steel Policy 2017 and laid
down a broad strategy for encouraging long term growth for the Indian steel industry by 2030-
31. Government has also promoted policy which provides a minimum value addition of 15 per
cent in notified steel products covered under preferential procurement.
 Increasing investments
Rising investment from domestic and foreign players Increasing number of MoUs signed to
boost investment in steel Foreign investment of nearly US$ 40 billion committed in the steel
sector.

Capital goods, consumer durable and automotives further driving steel growth

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 During 2018-25F, the appliance and consumer electronics (ACE) sector will expand at a
CAGR of 9.91 per cent, contributing to the growth of the steel industry.

 Growth in automobile production is also expected to augment growth in steel production.

Automobile production in India stood at 26.35 million units during FY20.

 Gross Value Added (GVA) of the construction industry grew 4.4% during FY20* and is
expected to post strong growth in the current fiscal year, backed by higher expenditure
from the Government.

 Since construction industry is a major consumer of steel, expansion across construction

industry will translate into growth of steel sector.

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OPPORTUNITIES
Automotive
 The automotive industry is forecast to reach US$ 260-300 billion by 2026.
 The industry accounts for around 10 per cent of the demand for steel in India.
 With increasing capacity addition in the automotive industry, demand for steel from the
sector is expected to be robust.
Capital goods
 The capital goods sector accounts for 11 per cent of the total steel consumption and is
expected to increase 14-15 per cent by 2025-26. It has the potential to increase in tonnage
and market share.
 Corporate India’s capex is expected to grow and generate greater demand for steel.
Infrastructure
 The infrastructure sector accounts for 9 per cent of steel consumption and is expected to
increase to 11 per cent by 2025-26.
 Due to rising investment in infrastructure the demand for steel products would increase in
the years ahead.

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  70 per cent of the country’s infrastructure, estimated at Rs 6 lakh crore (US$ 89.50
billion), is yet to come up. Thus, a significant growth potential for steel sector is present.
 For various infrastructure sectors, including real estate and power, Ministry of Finance
planning to set up a stress fund.
Airports
 More and more modern and private airports are expected to be set up.
 In FY19, passenger traffic at Indian airports stood at 344.69 million.
 The number of operational airports stood at 103 as on 31 March 2019.
 Development of tier II city airports will sustain consumption growth.
 Estimated steel consumption in constructing airports is likely to grow more than 20 per
cent over the next few years.
Railways
 The Dedicated Rail Freight Corridor (DRFC) network expansion would be enhanced in
the future.
 Gauge conversion, setting up of new lines and electrification would drive demand for
steel.
 Introduction of high-speed bullet trains and metro trains will increase steel usage.
 As per information in the Union Budget 2019-20, 657 km metro rail network is already
operational.

Oil and gas

 India’s primary energy consumption of oil and gas is expected to increase to 10 mbpd
and 14 bcfd, respectively, by 2040.
 This would lead to an increase in demand of steel tubes and pipes, providing a lucrative
opportunity for the steel industry.
Power
 The Government has envisaged capacity addition of 58,384 MW from conventional
sources between 2017-22. Also, the Government is targeting to achieve 175 GW of
renewable power generation capacity by 2022.
 This will lead to enhancement in both transmission and distribution capabilities, thereby
raising steel demand from the sector.
Rural India
 Rural India is expected to reach per capita consumption of 12 to 14 kgs of finished steel
by 2020.
 Policies like Pradhan Mantri Awa Yojana and Pradhan Mantri Gram Sadak Yojana are
driving growing demand for steel in rural India.

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  In FY19, per capita consumption of steel in rural India was estimated to be between 10 to
15 kgs.

FINDINGS
1. Production of finished steel has risen over the period of time.
2. However, the share of public sector enterprises in production of finished steel has
declined over the period of time.
3. Installed capacity of plants has increased but the capacity utilization of that installed
capacity has declined.
4. Apparent consumption of steel has risen during the study period but the growth rate of
consumption has declined in the last years of the study.
5. Per capita consumption of steel increasing constantly but still there is a huge gap between
India and world average per capita steel consumption.
6. India has been net importer of steel during the initial years of the study and net exporter
of steel in later years, however India was a net importer of steel in the last year of the
study
7. India continues to remain at third position in the production of crude steel in the world in
2019. China continues to remain at first position with Japan and U.S at second
respectively.
8. Per capital consumption of steel in India showed a Positive growth in 2019 as compared
to 2018. However the growth rate was very low.

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CONCLUSION
Indian steel industry is one of the fastest growing industries and contributes a significant amount
to the country’s Gross Domestic Product (GDP). As compared to China, India had an excellent
beginning. India is the world’s largest producer of direct reduced iron (DRI) or sponge iron. In
2018-2019, India produced 103.13 million tons. The trend of steel export and import 5.59 and
9.31 in financial years 2017-18. The iron and steel industries are most important industries in
India. During 2015 through 2018, India was the Second largest producer of raw steel and the
largest producer of sponge iron in the world. The industry produced 82.68 m million tons of total
finished steel and 9.7 million tons of raw iron. Most iron and steel in India is produced from iron
ore. The Indian Ministry of Steel is concerned with the coordination and planning of the growth
and development of the iron and steel industry in the country, both in the public and private
sectors.
Result of the study found that India has all potential to become top producer of steel in near
future. The steady growth of production and consumption indicates that India has set a higher
growth path by the end of the decade. The Growth rate of production, consumption and foreign
trade shows an impressive picture of the development of the industry for the study period. Steel

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Industry is very much strategic for the development of an economy. Crude steel production in
India has risen during the last decades but still there is a need to further hastened the production
of crude steel in the country to cope with the demand of steel in the future. Public sector
enterprises should increase their role in the production of steel. Installed capacity should be
increased and companies should utilize that increased capacity. Industry required infrastructural
development with the help of government as well as private and foreign direct investment.

BIBLIOGRAPHY & REFRENCES

http://www.vizagsteel.com

https://www.essar.com/
http://www.jindalsteelpower.com

http://www.tatasteel.com

http://worldsteel.org

www.ibef.org
https://economictimes.indiatimes.com
www.google.com

An Overview of Steel Sector (16 February, 2018). Ministry of Steel Government of India.

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Economic and Steel Market Outlook 2019-2020
Financial Times (2018), Iran feels sting of US sanctions once more.
Worldsteel (2019), India to significantly boost demand for steel,
Worldsteel (2019), World Steel in Figures 2019
The Economic Times (2019), Budget 2019: Auto sales continue to move in reverse gear,

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