In India, the steel industry plays a significant role in the economic growth. India is the fifth largest steel producer at the global front, according to the RNCOS research report titled 'Indian Steel Industry Outlook to 2012'. The major contribution of the steel industry focusses on strengthening the sectors, such as infrastructure, constructions, automobile, transportation, industrial applications etc.
India has acquired a central position on the global steel map with its giant steel mills, acquisition of global scale capacities by players, continuous modernisation and upgradation of old plants, improving energy efficiency, and backward integration into global raw material sources. Major steel giants from across the world have evinced interest in the industry due to its phenomenal performance.
India is among the top producers of all forms of steel in the world. Easy availability of low cost manpower and presence of abundant reserves make India competitive in the global setup.
Moreover, Tata Steel has been named among the world's most ethical companies by an American think tank, Ethisphere Institute. Ethical business principles and practices have been the key differentiators of Tata Group and Tata Steel since inception, according to H M Nerurkar, Managing Director, Tata Steel.
"Indian crude steel production will grow at a compound aggregate growth rate (CAGR) of around 10 per cent during 2010-2013," as per the RNCOS research report titled, 'Indian Steel Industry Outlook to 2012'. The new applications will further increase the steel consumption in India, according to the RNCOS research report. The report estimates that the finished steel consumption will grow at a CAGR of around 12 per cent during FY 2012 - FY 2014.
The Indian steel producers have signed 222 memorandum of understanding (MoUs) with the State Governments for a planned capacity addition of about 275.7 30 million tonnes (MT) by 2020.
- Tata Steel Minerals Canada (TSMC) has entered into a "life of mine" rail transportation contract with Quebec North Shore and Labrador Railway Company (QNS&L). The deal allows for the transportation of iron ore from the Direct Shipping Ore (DSO) Project, owned by TSMC, from Emeril Junction, Newfoundland and Labrador, to Arnaud Junction in Sept-Iles, Quebec
- India's largest iron ore producer, NMDC, has agreed in-principle to acquire majority stake in Brazilian iron ore firm, Amplus. The acquisition of Amplus will allow NMDC secure large-scale ore reserves to meet its long-term requirements
- Japanese steel maker, Kobe Steel Ltd will invest Rs 30 crore (US$ 5.77 million) in Man Industries (India) Ltd to pick up a minor stake in the latter. The partnership will focus on exploring business opportunities and joint product development for the global steel pipe market, according to a company statement
- Jindal Steel and Power Ltd plans to spend US$ 300 million in developing new and existing mines in Africa. The move is part of the company's strategy to source coal assets abroad to meet raw material demand of its steel and power plants in India
- The Gujarat-based Steelcast, a castings manufacturer, has entered into an agreement with global major Caterpillar Inc. As per the agreement, Steelcast will set up a dedicated manufacturing facility to make castings according to Caterpillar's specifications. "Through this agreement, we expect sales to Caterpillar to grow multi-fold from around Rs 40 crore (US$ 7.69 million) in 2010-11 to about Rs 150 crore (US$ 28.85 million) in 2015," as per Chetan Tamboli, Chairman, Steelcast
- Essar Steel has commissioned a six million tonnes per annum (MTPA) pellet-making facility at Paradip in Odisha. "This pellet plant in Odisha is crucial in our quest to achieve complete vertical integration," as per Shashi Ruia, Chairman, Essar Group. The firm plans to invest Rs 4,200 crore (US$ 807.69 million) to set up the integrated facility in Odisha
- The Bokaro Steel Plant (BSL) of Steel Authority of India Ltd (SAIL) is poised for substantial growth with the inauguration of two of its newly re-built Coke Oven Batteries (COBs). The two coke oven batteries were inaugurated by C S Verma, Chairman, SAIL. Re-built at a cost of Rs 500 crore (US$ 96.15 million), the two COBs of BSL are completely emission free, with a high level of automation and increased productivity
- Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has announced that Rs 5,000 crore (US$ 961.54 million) worth of new units would come up in the plant as a part of its expansion project. The board's approval includes setting up of a seamless tube mill and installation of a new COB
- UIC Udyog Ltd, a leading manufacturer of steel wires and wire products, plans to set up a facility for manufacturing of steel wires and wire products with an installed capacity of 180,000 MTPA at Bharuch in Gujarat, with a total investment of Rs 508 crore (US$ 97.69 million)