Will steel continue to boom?
Steel

Will steel continue to boom?

The steel industry is one of the core industries of India and the nation wants to become completely self-reliant by 2030. India has strived for continuous modernisation of and up-gradation of steel plants to reach higher energy efficiency levels. In FY21, the production of crude steel and finished steel was 102.49 MT and 94.66 MT, respectively. As per the CARE Ratings, crude steel production is expected to reach 112-114 MT (million tonnes) in FY22, which is an increase of 8-9% YoY.  The Indian government has taken various initiatives for the development of the steel industry, such as, promoting an environment-friendly steel industry, expanding the domestic capacity of steel plants, greenfield capacity, setting up value-added steel clusters, etc. The Covid 19 pandemic eroded the demand for steel due to less consumer demand and some players were seen highly depending on export for steel.
 
The industry needs a revival strategy in place to overcome the losses led by the pandemic. The construction, automobiles, railways, and consumer durables sectors have a direct impact on the steel industry. The construction industry accounts for the largest consumption of steel. With affordable housing schemes, commercial and industrial construction will further give a push to steel demand in India.  

Click here to read more


The steel industry is one of the core industries of India and the nation wants to become completely self-reliant by 2030. India has strived for continuous modernisation of and up-gradation of steel plants to reach higher energy efficiency levels. In FY21, the production of crude steel and finished steel was 102.49 MT and 94.66 MT, respectively. As per the CARE Ratings, crude steel production is expected to reach 112-114 MT (million tonnes) in FY22, which is an increase of 8-9% YoY.  The Indian government has taken various initiatives for the development of the steel industry, such as, promoting an environment-friendly steel industry, expanding the domestic capacity of steel plants, greenfield capacity, setting up value-added steel clusters, etc. The Covid 19 pandemic eroded the demand for steel due to less consumer demand and some players were seen highly depending on export for steel. The industry needs a revival strategy in place to overcome the losses led by the pandemic. The construction, automobiles, railways, and consumer durables sectors have a direct impact on the steel industry. The construction industry accounts for the largest consumption of steel. With affordable housing schemes, commercial and industrial construction will further give a push to steel demand in India.  Click here to read more

Related Stories

Gold Stories

Next Story
Real Estate

Anshul Singhal launches Vantrock with Rs 42 billion development plan

Real estate professional Anshul Singhal has launched Vantrock Real Assets Private Limited (VRAPL), a Mumbai-headquartered platform focused initially on warehousing, industrial and logistics parks. The company plans to develop approximately 11.5 million sq ft of assets, with an estimated gross development value (GDV) of Rs 42 billion (approximately USD 434 million) on completion.The first phase will cover around 3 million sq ft across the National Capital Region (NCR), Bengaluru and Pune, with an estimated development value of Rs 11 billion (approximately USD 113 million). Construction is sched..

Next Story
Infrastructure Transport

Afcons wins CII award for biodiversity management

Afcons Infrastructure has received the Confederation of Indian Industry (CII) National Award for Environmental Best Practices 2026 in the Biodiversity Management category for its work on the Mumbai-Ahmedabad High Speed Rail Project’s C-2 package.The award was presented at a ceremony in Chennai on 9 October 2026. It was received by Mihir Mishra, Vice-President, CPE, and Sumon Paul, Assistant General Manager, HSE, along with the Afcons team.The project adopted several resource recovery and waste management practices. These included recycling concrete washout waste to recover sand, aggregates a..

Next Story
Technology

Indian businesses lead globally in planned AI investment, says Autodesk

Indian organisations are moving towards deeper integration of artificial intelligence (AI), digital technologies and sustainability into business operations, according to Autodesk’s 2026 State of Design & Make report. The fourth edition of the annual study highlights growing AI adoption, measurable outcomes from digital transformation and the role of sustainability in long-term business growth.The report found that 64 per cent of Indian organisations are approaching or have achieved their current AI goals. While 88 per cent believe AI will enhance their industry, up from 78 per cent in 2..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code