Steel is an essential mineral, which lays the foundation of both India and the rest of the world’s industrial economy. The history of the modern steel industry began in the late 1850s; steel has become a staple of the world’s industrial economy. Though steel production was considered an expensive process until 1857 when the Bessemer converter was developed, the steel revolution began in India when Tata Iron and Steel Company began producing large quantities of pig iron.
In 2005, India became the 10 th largest producer of steel and by 2005, it reached the 2 nd position after China. Today , the steel industry contributes around 2% to the country’s GDP.
Source: GDP data: World Bank, Steel Production data: World Steel Association, JPC data
The private sector has played a huge role in bolstering the India Steel Industry with a robust growth in the last 10-12 years. Since 2008, production has increased by 75% and the domestic demand has increased by 80%. The Indian government has always supported the steel industry and introduced the National Steel Policy in 2017, which envisions the growth trajectory of the Indian steel industry till 2030–31.
The steel industry has been turned from a seller into a buyer industry at the producer or demand end. Competition replaced power and regulation. The state-of-the-art technology has been clearly emphasised. India can currently boast new innovations in the steel industry, such as Corex, Thin Slab Casting and Compact Strip Mill Technology, DC Electric Arc Furnaces, Twin Shells AC EAFs etc.
To learn and know more about the steel and its industry please visit our social media pages and the external links provided here. You can also reach out to us at our customer care number provided below the page to learn about Friends Steel and its products and processes. You can take a virtual tour of our plants and rolling mills through the virtual tour page under ‘Infrastructure’ tab at the menu.
Ministry of Steel (GoI) : https://steel.gov.in/
India Steel Expo 2021 : https://www.indiasteelexpo.in/index.php
History of the steel industry (1850–1970): https://en.wikipedia.org/wiki/History_of_the_steel_industry_(1850%E2%80%931970)
Iron and steel industry in India: https://en.wikipedia.org/wiki/Iron_and_steel_industry_in_India