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A Study on Steel Industries in India

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A Study on Steel Industries in India IMPACT: International Journal of Research in Humanities, Arts and Literature (IMPACT: IJRHAL) ISSN(P): 2347-4564; ISSN(E): 2321-8878 Vol. 4, Issue 6, Jun 2016, 43-54 © Impact Journals A STUDY ON STEEL INDUSTRIES IN INDIA S.PRAMILA 1, K.KUMAR 2, & ANUPAM KARMAKAR 3 1Asstistant .Professor, Department of Business Administration, B.P. Poddar Institute of Management & Technology Kolkata (W.B) India 2Advisor, & Associate Professor, Department, of Commerce, National College, Tiruchirappalli, Tamil Nadu India 3Assistant Professor in Commerce New Alipore College, University of Calcutta, L Block, New Alipore, Kolkata West Bengal, India ABSTRACT The steel sector is one of the most significant and pivotal sectors in the prominence and growth of a nation. It has been considered as the spine of civilization in the universe. The level of per capita consumption of steel is an important determinant of the socio-economic growth of a nation. This research Study focuses growth and development of Steel industries in India. The Steel industry in India is growing in a rapid speed with demand increment and opportunity creation and attraction to the international players. KEYWORDS : Steel Sector, Indian Steel Industry, Flat Products, Long Products, Socio-Economic Growth INTRODUCTION India is the world’s third-largest producer of crude steel (up from eighth in 2003) and is expected to become the second-largest producer by 2016. 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 very modern with state-of-the-art steel mills. It has always strived for continuous modernization and up-gradation of older plants and higher energy efficiency levels. India’s Iron & Steel industry is more than a century old. More than 3500 different varieties of steel industry are available in the steel industry of India. These can, however, be classified into two broad categories, Flat Products and Long Products. Flat Products include plates and hot rolled sheets such as coils. There are derived from slabs. One of the major uses of steel plates is in ship building. Long Products include bars, rods, wires, ropes and piers. These are called long due to their shape. Long products are made from billets and blooms. These are mostly used in housing and construction and also in railway tracks. It is a basic industry. Steel is the backbone for any economy. The experience of the developed as well as the developing countries has shown that the important role played by the iron and steel industry in the economic growth. It is a core industry. For many industries, such as engineering, machine tools, ship buildings, railways, transport, equipments, Impact Factor(JCC): 2.1783- This article can be downloaded from www.impactjournals.us 44 S.Pramila, K.Kumar & Anupam Karmakar electrical and many others, Iron and Steel industry is a basis industry. These all industry increased consumption of iron and steel. In a sense it may be said that the iron and steel industry is the mother industry. There is a close correlation between the level of economic growth of GDP of a country and the quantum of steel consumption. It means that the direct relation between investment in the economy and the growth of steel industry. Therefore, rapid industrialization and economic development of a country depends on a very great extent on the development of iron and steel industry. Global Scenario • In 2014, the world crude steel production reached 1665 million tonnes (mt) and showed a growth of 1% over 2013. • China remained the world’s largest crude steel producer in 2014 (823 mt) followed by Japan (110.7 mt), the USA (88.2 mt) and India (86.5 mt) at the 4 th position. • WSA has projected Indian steel demand to grow by 6.2% in 2015 and by 7.3% in 2016 as compared to global steel use growth of 0.5% and 1.4% respectively. Chinese steel use is projected to decline in both these years by 0.5%. • Per capita finished steel consumption in 2014 is estimated at 217 kg for world and 510 kg for China by WSA. Source: WSA in June 2015 Indian Scenario • The Indian steel industry has entered into a new development stage from 2007-08, riding high on the resurgent economy and rising demand for steel. • Rapid rise in production has resulted in India becoming the 3 rd largest producer of crude steel in 2015 and the country continues to be the largest producer of sponge iron or DRI in the world. • As per the report of the Working Group on Steel for the 12 th Five Year Plan, there exist many factors which carry the potential of raising the per capita steel consumption in the country. These include among others, an estimated infrastructure investment of nearly a trillion dollars, a projected growth of manufacturing from current 8% to 11-12%, increase in urban population to 600 million by 2030 from the current level of 400 million, emergence of the rural market for steel currently consuming around 10 kg per annum buoyed by projects like Bharat Nirman, Pradhan Mantri Gram Sadak Yojana, Rajiv Gandhi Awaas Yojana among others. • At the time of its release, the National Steel Policy 2005 had envisaged steel production to reach 110 million tonnes (mt) by 2019-20. However, based on the assessment of the current ongoing projects, both in greenfield and brownfield, the Working Group on Steel for the 12 th Five Year Plan has projected that domestic crude steel capacity in the county is likely to be 140 mt by 2016-17 and has the potential to reach 149 mt if all requirements are adequately met. • The National Steel Policy 2005 is currently being reviewed keeping in mind the rapid developments in the domestic steel industry (both on the supply and demand sides) as well as the stable growth of the Indian economy Index Copernicus Value: 3.0 - Articles can be sent to [email protected] A Study on Steel Industries in India 45 since the release of the Policy in 2005. Production • Steel industry was de-licensed and de-controlled in 1991 & 1992 respectively. • Today, India is the 3 rd largest producer of crude steel in the world. • In 2014-15, production for sale of total finished steel (alloy + non alloy) was 91.46 mt, a growth of 4.3% over 2013-14. • Production for sale of Pig Iron in 2014-15 was 9.7 mt, a growth of 22% over 2013-14. • India is the largest producer of sponge iron in the world with the coal based route accounting for 90% of total sponge iron production in the country. • Data on production for sale of pig iron, sponge iron and total finished steel (alloy + non-alloy) are given below for last five years: Table 1 Indian Steel Industry : Production For Sale (In Million Tonnes) Category 2010-11 2011-12 2012-13 2013-14 2014-15 Pig Iron 5.68 5.371 6.870 7.950 9.694 Sponge Iron 25.08 19.63 14.33 18.20 20.38 Total Finished Steel (alloy 68.62 75.70 81.68 87.67 91.46 + non alloy) Source: Joint Plant Committee Figure 1 Demand - Availability Projection • Demand – availability of iron and steel in the country is projected by Ministry of Steel in its Five Yearly Plan documents. Impact Factor(JCC): 2.1783- This article can be downloaded from www.impactjournals.us 46 S.Pramila, K.Kumar & Anupam Karmakar • Gaps in availability are met mostly through imports. • Interface with consumers by way of a Steel Consumers’ 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. • Domestic steel prices are influenced by trends in raw material prices, demand – supply conditions in the market, international price trends among others. • An Inter-Ministerial Group (IMG) is functioning in the Ministry of Steel, under the Chairmanship of Secretary (Steel) to monitor and coordinate major steel investments in the country. • As a facilitator, the Government monitors the steel market conditions and adopts fiscal and other policy measures based on its assessment. Currently, basic excise duty for steel is set at 12.5% and there is no export duty on steel items. The government has also imposed export duty of 30% on all forms of iron ore except low grades which carry a duty of 10% while iron ore pellets have a export duty of 5% in order to control ad-hoc exports of the items and conserve them for long term requirement of the domestic steel industry. It has also raised import duty on most steel imports by 2.5%, taking the import duty on carbon steel flat products to 10% and that on long products to 7.5%. • For ensuring quality of steel several items have been brought under a quality control order issued by the Government. Imports • Iron & steel are freely importable as per the extant policy. • Data on import of total finished steel (alloy + non alloy) is given below for last five years: Table 2 Indian Steel Industry: Imports (In Million Tonnes) Category 2010-11 2011-12 2012-13 2013-14 2014-15 Total Finished Steel (alloy + 6.66 6.86 7.93 5.45 9.32 non alloy) Source: Joint Plant Committee Index Copernicus Value: 3.0 - Articles can be sent to [email protected] A Study on Steel Industries in India 47 Figure 2 Exports • Iron & steel are freely exportable.
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