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General Awareness Topic: Indian steel Industry, SAIL, RINL - MBA Rendezvous

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"Indian steel Industry, SAIL,
RINL"11

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Today read new General Awareness Topic on 'Indian Steel Industry'. It is more than
100 years old, public sector of the Indian
GMAT
steel industry are the Steel Authority of
India Limited, RINL, and the Metal Scrap Trade Corporation Limited.
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MBA Aspirants are expected to know core Industry. This helps them to understand
infrastructure base of India. Today, you will read on Indian steel industry
The Indian steel industry is more than a hundred years old, with the first integrated
steel plant Tata Iron & Steel - having been established in 1907. India is the fourth
largest producer of crude steel in the world, after China, Japan, and the United
States.
However, experts predict that this ranking will change, in view of the recent and
upcoming investments in the Indian steel industry. And in a few years, India is
expected to move ahead of the United States and Japan in terms of the production of
crude steel.
The steel industry in India derives its demand from other sectors infrastructure,
engineering, construction, automobile, and aviation, to name a few. And when there is
growth in the aforementioned sectors, the steel industry will inevitably grow. India
Ratings and Research, one of Indias rating agencies, believes that the Indian steel
industry will gain momentum next year with the growth of other economic segments.
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General Awareness Topic: Indian steel Industry, SAIL, RINL - MBA Rendezvous

On similar lines, the World Steel Association estimates that the demand for local steel
will increase by 5.9% this year and 7% next year. Data published by the World Steel
Association indicate that Indias steel production increased by 0.9% to 6.45 million
tonnes in June 2013 as compared to 6.39 million tonnes in June 2012.
Also, Indias steel production increased by 2.5% to 39.63 million tonnes between
January and June 2013, compared to the same period in 2012, when the figure for
the six-month period stood at 38.68 million tonnes.
Some of the major players in the public sector of the Indian steel industry are the
Steel Authority of India Limited, also known as SAIL, the Rashtriya Ispat Nigam
Limited, also known as RINL, and the Metal Scrap Trade Corporation Limited.
In the private sector, some of the top steel companies are Tata Steel, Essar Steel,
JSW Steel, and Jindal Steel. Even though the Indian steel industry seems to be
thriving and experts predict that the industry will grow in the coming years, we
witnessed the scraping of an ArcelorMittal steel plant in the country in July.
The steel industry is set to flourish, no doubt, but there are government inefficiencies
that force companies to abandon their projects or leave the country. ArcelorMittal,
the worlds largest producer of steel, was keen on setting up a Rp 522 billion (US$ 8.5
billion) steel plant in Orissa and it had signed an agreement with the Orissa
government in 2006 to produce 12 million metric tonnes of steel on an annual basis.
However, even after seven years (in 2013), the company was neither given land nor
allocated captive iron ore blocks. The company faced difficulties in getting
environmental clearances, and bureaucratic delays, which eventually led to the
closure of the deal.
So, for the Indian steel industry to flourish, it is important for the government to take
steps to make the Indian business environment viable for investors. The government
is working hard to attract investors to India to boost the economic growth of the
country.
One way in which it is doing so is by increasing the foreign direct investment cap.
Apart from that, the government should make its procedures more efficient. By doing
so, the Indian steel sector will be able to flourish and may even move ahead of China,
and earn the title of the largest producer of steel in the world.

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