Steel Industry Essay
1. Industry trends: Indian and Global perspectives, recent happenings.
Steel is the back bone of human civilization, it is very crucial in development of a modern economy. The per capita consumption of steel shows the living standard of people in any country.
Global Perspective: The industry directly employs about more than two million people worldwide, with a further two million contractors and four million people in the supporting industries. Considering steel’s position as the key product supplier to industries such as automotive, construction, transport, power and machine goods, and using a multiplier of 25:1, the steel industry is at the source of employment for more than 50 million people.
World crude …show more content…
At the time of independence, India had a small Iron and Steel industry with production of about a Million tonnes (mt). In due course, the government was mainly focusing on developing basic steel industry, where crude steel constituted a major part of the total steel production. Many public sector units were established and thus public sector had a dominant share in the steel production till early 1990s. Mostly private players were in downstream production, which was mainly producing finished steel using crude steel products. Capacity ceiling measures were introduced. Basically, the steel industry was developing under a controlled regime, which established more public sector steel companies in various segments. Till early 1990s, when economic liberalizationreforms were introduced, the steel industry continued to be under the control of