The Iron and Manganese ores are the major raw materials for steel industry. Hence, a brief profile of Indian steel industry of the country is discussed below.
Steel is an important indicator to analyze the economic development of the country. Thesteel industry is highly scientific and technology oriented. Technology advancement is veryimportant for the over all health of steel industry. The Indian steel industry has come long waysince its humble beginnings. The take over of
British steel giant Corus
and acquisition of
Arcelor by Mittal Steel
heralded a new beginning for the Indian steelindustry. These events signify the fact that the Indian steel industry has acquired a globalidentity and today it is extremely competitive globally.The steel industry in India has been moving from strength to strength and according to theAnnual Report 2009-10 by the Ministry of Steel, India has emerged as the fifth largest producerof steel in the World and is likely to become the second largest producer of crude steel by2015-16.Recently, Mr Virbhadra Singh, Minister for Steel, said that India will become the world'ssecond-largest steel producer by 2012, with a capacity of 124 million tonnes (MT) as part of the push being given to assist overall infrastructure development.
India's steel production during 2009-10 was 64.88 million tonnes (MT), up 11 per cent froma year ago, according to Mr A Sai Pratap, Minister of State for Steel.During the second quarter ended September 2010, steel majors Tata Steel and SteelAuthority of India Ltd (SAIL) reported a high growth in steel sales. SAIL registered sales of 3.17 MT in the period under review, while Tata Steel's total sales for the quarter stood at 1.66MT which is around 14 per cent higher than the corresponding quarter last year.Meanwhile, JSW Steel's production during the quarter grew by 8 per cent to 3.14 MT on theback of a steady rise in demand.