strength to strength
Business Today|June 16, 2019

With change of guard in at least half-a-dozen companies, the Indian steel industry is undergoing unprecedented churn. It will emerge stronger than ever.

Sumant Banerji
strength to strength

THE WORLD STEEL ASSOCIATION, which represents 85 per cent of the world’s steel producers, said in April that it expected demand for the commodity in India to grow 7 per cent this year as well as next year. This is over five times the projected global growth 1.3 per cent in 2019 and 1 per cent in 2020. India is expected to grow faster than most regions of the world.

This is not something entirely new. In the cyclical global steel industry that is prone to severe upturns and downturns, the Indian market has forever been a bright spot. The association’s April outlook only reiterates that. In the last 10 years, India’s crude steel production has grown 6.3 per cent on an average, the fastest among big steel producing nations, nearly double the world average of 3.2 per cent. In absolute terms, production has grown from 57.8 million tonnes in 2008 to 106.5 million tonnes in 2018. In the process, India has overtaken Russia and the US. It surpassed Japan last year to become the largest steel producing nation in the world after China. Among big nations, India has been the only country to consistently report increase in production in each of the last 10 years. The trend is likely to continue.

In the global context, though, the meteoric rise of China has always dwarfed the India story. At the turn of the century, China was producing 128.5 million tonnes steel, accounting for 15 per cent of the world’s production then. Its economic rise was led largely by its steel industry. In 2018, it produced 928.3 million tonnes steel, over 51 per cent of the world’s production. India’s consistent growth in the past as well as potential for higher growth – its per capita steel consumption at 72 kg is far lower than the world average of 214 kg – makes a lot of people think India can be the next China. That is a hyperbole.

Denne historien er fra June 16, 2019-utgaven av Business Today.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra June 16, 2019-utgaven av Business Today.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS TODAYSe alt
"Moving to cloud helped us grow❞
Business Today India

"Moving to cloud helped us grow❞

What was the problem you were grappling with?

time-read
1 min  |
November 24, 2024
She's Got Time
Business Today India

She's Got Time

MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP

time-read
3 mins  |
November 24, 2024
RISING STAR
Business Today India

RISING STAR

PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.

time-read
1 min  |
November 24, 2024
Building on a Legacy
Business Today India

Building on a Legacy

WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.

time-read
1 min  |
November 24, 2024
LEADER IN INNOVATION
Business Today India

LEADER IN INNOVATION

AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.

time-read
1 min  |
November 24, 2024
WAITING IN THE WINGS
Business Today India

WAITING IN THE WINGS

Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025

time-read
1 min  |
November 24, 2024
A DECENT PROPOSAL
Business Today India

A DECENT PROPOSAL

IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?

time-read
5 mins  |
November 24, 2024
Women and the STEM Bias
Business Today India

Women and the STEM Bias

EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.

time-read
3 mins  |
November 24, 2024
ROCKET WOMEN
Business Today India

ROCKET WOMEN

WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.

time-read
6 mins  |
November 24, 2024
ONE STEP FORWARD
Business Today India

ONE STEP FORWARD

THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.

time-read
6 mins  |
November 24, 2024