Export Potential of Stain Steel - International Business Management

Export Potential of Stain Steel - International Business Management


In 2019, India was the world's second-largest steel production. With crude steel output of 111.2 million tonnes, India overtook Japan to become the world's second-largest steel manufacturer in 2019. (MT). According to the Indian Steel Association (ISA), steel demand in India is expected to increase by 7% in FY20 and FY21.

In fiscal year 2020, India's crude steel output and finished steel production were 108.5 MT and 101.03 MT, respectively.

Between April 2020 and February 2021, India's total output of finished steel was 85.60 MT, while crude steel production was 92.78 MT.

Steel firms are seeking to resume expansion projects with a capacity increase of 29 MT as a result of growing steel processes. India's final steel consumption was 6.78 MT in April 2021.

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Investments

In recent years, the steel industry and its related mining and metallurgical industries have witnessed significant investments and advancements.

According to statistics provided by the Department for Promotion of Industry and Internal Trade (DPIIT), Indian metallurgical industries received US$ 14.24 billion in Foreign Direct Investment (FDI) from April 2000 to September 2020.

The following are some of the significant investments in the Indian steel industry:

  • In May 2021, JSW Steel signed a Memorandum of Understanding (MOU) with its strategic alliance partner JFE Steel Corporation to undertake a feasibility study to create a Grain-oriented Electrical Steel Sheet Manufacturing and Sales JV Company in India.
  • JSW Steel stated in May 2021 that it will increase steel production at its Vijayanagar facility by 5 MT per year to 17 MT per year by the fiscal year ending March 2024.
  • JSW Steel finalised its acquisition of debt-ridden Bhushan Power and Steel Ltd. in March 2021, increasing the former's total production to 21.5 mtpa. JSW Steel now has an 18 mtpa capacity, which will be increased to more than 26 mtpa with the addition of BPSL and a doubling of capacity at JSW Steel's Dolvi steel plant to 10 mtpa.
  • Arcelor Mittal Steel inked a Rs 50,000 crore agreement with the Odisha government in March 2021 to establish a steel factory in the state.
  • Tata Steel BSL will work with FarEye, a software logistics company, to enhance its digital transformation process in February 2021.
  • Indian steel firms have been increasing steel production capacity in an effort to become self-sufficient. To that aim, SAIL announced plans to double the capacity of five of its steel facilities by September 2020.
  • Arcelor Mittal Nippon Steel India (AM/NS) purchased the Bhander Power Plant in Hazira, Gujarat, from Edelweiss Asset Reconstruction Company in March 2020.
  • GFG Alliance bought Adhunik Metaliks and its subsidiary Zion Steel for Rs. 425 crore (US$ 60.81 million) in February 2020, marking its entrance into the Indian steel industry.
  • JSW Steel has set a goal of delivering 1.5 lakh tonnes of TMT Rebars to metro rail projects throughout the nation in FY20.
  • Arcelor Mittal finalised the purchase of Essar Steel for Rs. 42,000 crore (US$ 6.01 billion) in December 2019 and established a joint venture with Nippon Steel Corporation.
  • JSW Steel is to invest $4.14 billion in major projects to expand its total steel production capacity from 18 million tonnes to 23 million tonnes by 2020.
  • The Ministry of Steel intends to spend US$ 70 million in the country's eastern area to expedite the sector's growth.
  • SAIL's capacity is projected to grow from 13 MTPA to 50 MTPA by 2025, with a total investment of US$ 24.88 billion.
  • Tata Steel has planned to expand the capacity of its Kalinganagar integrated steel plant from 3 million tonnes to 8 million tones at a cost of $3.64 billion.

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