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India’s steel Industry is out of stress as export increased by 57%

India’s steel Industry

The stress period for the steel industry is over as India’s steel exports have increased by 57% and imports have decreased by 34%, reported by the government in Rajya Sabha. By 2030, the government wants to make steel output of India to 300 million tonnes which are now about 120 million tonnes, said by the Steel Minister Chaudhary Birender Singh.

As there was a recession in the global steel sector, so it had an impact on India as well, said by the steel minister of India. For more than three years, our steel industry was in stress. But in last 6months, the situation has changed.

He also said, in a period of last six months the steel output has increased by 15 lakh tonnes, exports have gone up 57% and imports fell by 34%. At SAIL and RINL the renovation and expansion that is being done and by December 2017, it is expected to get over and also in coming six months would increase the capacity utilisation to 70%. For expanding and modernising SAIL, more than Rs.61500 crore had been put, said by the steel minister.

Modernization and expansion work of “Barring Bhilai, is still going on, said by the steel minister. It is expected that by December it will be completed. to ramp up production, It takes time whether it is in Bhilai, Rourkela or Bokaro. For complete ramp up, it takes 2¬3 years. in the next six months, it is expected to achieve 70 percent capacity utilisation.”

As India is not at par with global standards, so the plant efficiency improvement is necessary, said by the minister. 3 points are the global efficiency standard and from this, Indian PSUs get 1.70 and private steel industries come at 2.1.

High-end steel produced by the country as the country is progressing in production which is used in defence and other sectors. To boost production of high-quality steel products and value added products which are competitive in prices, the govt has reinforced the technology and equipment import so as to enhance the adopting and use of world-class technologies.

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