India is the world’s second largest steel producer after China. In fact, it is the biggest importer of oil and gasoline in the world. The main reason behind its popularity lies on the fact that it is readily available at low prices, contributing to its heavy dependence on that source for its raw material. In addition, India is emerging as a global leader in manufacturing steel products, particularly in the domain of construction and infrastructure sun group phu quoc.
Steel is largely used for industrial and commercial projects like skyscrapers, bridges, tunnels, highways, telecommunication masts, power poles, ships, airports and railroads. It is also used for casting, cutting, polishing, forming and forging. Steel plays an important role in modern day engineering due to its high strength-to-weight ratio and excellent malleability, durability and ductility. Hence, India is emerging as a significant global steel producer.
Among the world’s largest steel producers, China is the largest with over 3% of the total production. Japan is in third place followed by United States of America, India and Russia. Indian Steel Enterprise (ISEE) has emerged as one of the fastest growing steel producer due to the focus on quality and cost effectiveness. The following key attributes have helped Indian steel industry to achieve unprecedented success:
Steel: This is the backbone of any industry and without it, nothing can be conceivable. Since ancient times, steel has been a fundamental requirement for any human achievement and advancement. Today, steel is being used for all kinds of construction including skyscrapers, residential houses, industrial buildings, bridges, tunnels and highways. India has become one of the world’s largest steel producers, contributing significantly towards global steel production. As per the latest reports, the Indian steel industry is expected to grow at an annual rate of more than 20%.
Iron ore and Other Metals: With the recent advancements in technology, steel and other minerals are becoming highly valued. In addition to India’s enormous output in steel & iron ore, there are a number of countries across the world that are also producing significant quantities of iron and steel. Countries like Australia, Brazil, Norway and Canada are among the major users of this precious metal. It is estimated that the global demand for steel and iron will continue to increase steadily in the coming years and in turn help to increase the global steel production.
Turkey: With its abundant crude steel output, Turkey has become one of the biggest buyers of this metal. Turkey is currently using this resource for constructing hotels, apartments, bridges, resorts and many other commercial structures. The main source of raw material is Turkey itself, though several other countries like Russia, Germany and the USA to buy Turkish raw materials on a regular basis. There is a surplus production of steel & iron in Turkey. As of now, the annual production capacity of steel & iron is in excess of two million metric tons. By investing in the resources of Turkey, a nation like Turkey can ensure that it becomes self-sufficient in the area of natural resources and avoid becoming a net supplier of raw materials to any other country.